Trevor Milton Pardoned by Trump: A New Chapter for Nikola's Controversial Founder

Trevor Milton, founder of Nikola, was pardoned by President Trump, nullifying his four-year prison sentence. Milton was convicted of misleading investors about his technology. The pardon may relieve him of hundreds of millions in restitution. Nikola, seeking Chapter 11 protection, faces financial difficulties post-scandal.

Trevor Milton, the founder of electric vehicle startup Nikola, has been granted a pardon by President Donald Trump, the White House confirmed on Friday. Milton, who was sentenced to four years in prison for misleading investors about his company's technology, had not yet begun serving his sentence, pending an appeal.

This pardon could potentially relieve Milton of the obligation to pay hundreds of millions of dollars in restitution to defrauded investors, a significant development in the ongoing saga surrounding the electric vehicle start-up. Milton expressed his gratitude in a statement, acknowledging Trump's intervention as a courageous act of justice.

The pardon arrives as Nikola grapples with financial turmoil, having filed for Chapter 11 bankruptcy protection earlier this year. Once a Wall Street darling, the company now struggles with financial instability following Milton's legal controversies and is forecasted to run out of cash soon.

(With inputs from agencies.)