SEC Drops Securities Fraud Case Against Nikola Founder Trevor Milton

The U.S. Securities and Exchange Commission announced on Thursday the dismissal of its case against Trevor Milton, the erstwhile CEO and founder of Nikola, a company that once promised innovations in electric and hydrogen-powered trucking.

The case, filed in 2021, accused Milton of deceitfully claiming Nikola's development of an electric pickup and in-house battery technology, despite sourcing these externally. The SEC deemed the dismissal as fitting, according to a document presented to the U.S. District Court for the Southern District of New York.

Following a pardon by President Donald Trump, Milton relinquished his rights to seek legal expenses and released any claims against the SEC. Nikola's fall was precipitated by scrutiny from Hindenburg Research, and in October 2022, Milton was convicted of securities and wire fraud. The company later filed for bankruptcy in February 2023.