Nikola founder Trevor Milton says Trump pardoned him in securities fraud case

Core Viewpoint - Trevor Milton, founder of Nikola Corp., claims to have received a full pardon from President Donald Trump for his conviction related to defrauding investors, which could void his criminal case and restitution orders [1][2][10]. Group 1: Legal Developments - Milton was sentenced to four years in prison in December 2023 but has been free pending an appeal [2]. - Federal prosecutors sought $680 million in restitution from Milton to Nikola shareholders and an additional $15.2 million to a victim of his fraud [2]. - If the pardon is confirmed, it would erase Milton's criminal conviction and associated fines [10]. Group 2: Company Background - Nikola Corp. filed for Chapter 11 bankruptcy protection in February, reporting liabilities between $1 billion and $10 billion and assets between $500 million and $1 billion [14]. - The company has struggled significantly, selling only 600 vehicles since 2022 and facing numerous recalls due to defects [15]. - Nikola's market capitalization peaked at $30 billion in 2020, surpassing Ford, but has since collapsed due to misleading statements made by Milton [15][16]. Group 3: Misleading Claims - Milton was indicted for securities and wire fraud, accused of making false claims about Nikola's product development and operational capabilities [16][17]. - Specific false claims included the existence of a fully functioning semi-truck prototype and the development of an electric and hydrogen-powered pickup truck [17].