Trevor Milton, the founder of Nikola, a business that makes electric and hydrogen-powered trucks, was given four years in prison on Monday after a jury found him guilty of misleading investors about the company’s technology last year. Let’s look at the co-founder’s stocks, properties, and other things that make up his net worth.
Trevor Milton Net Worth in 2023
Celebrity Net Worth says that In business, Trevor Milton is an American worth $250 million. Most people know Trevor Milton as a co-founder of Nikola, a company that makes electric trucks. Nicholas’s market value hit $30 billion a week after going public through a SPAC in June 2020. Trevor’s actual net worth was just under $12 billion.
Trevor quit his job at the company in September 2020 because he was accused of fraud against investors. Trevor was often compared to Elon Musk when he was at the top of his game. Trevor was found guilty of three crimes in October 2022. One of them was securities theft. Trevor was given a four-year federal jail sentence in December 2023.
Trevor Milton: Founder of Nikola
Trevor Milton started Nikola Motor Company in 2015. He started it in Utah but later moved the business to Phoenix. A reverse IPO SPAC deal, in which a non-public company buys a public company, is how he made the business public in June 2020. Trevor sold $90 million worth of shares during the SPAC process.
Nikola was worth almost $30 billion a week after it went public. Even though it had never made a car, the company was briefly worth more than Ford, even though it didn’t make any money. TheThe business said that its only quarterly income in the second quarter of 2020 was $36,000, which was just a fee for installing solar panels at one of Trevor Milton’s houses.
Trevor’s net worth reached almost $12 billion when he owned 40% of the company. In later years, his company share was reduced to 20% by mid-2022. As of that point, he was still the most prominent individual backer in the company.
Real estate and investments
Milton set a new record for the most expensive home ever sold in Utah when he bought a 2,000-acre ranch with a 16,800-square-foot house on the river’s edge for $32.5 million in November 2019.
The 2,670-acre land is in Oakley, Utah, and is called Riverbend Ranch. It’s about a 25-minute drive from Park City. The land has an eight-bedroom, 16,800-square-foot house built along the Weber River.
Milton had also said that he meant to raise organic beef, grow organic food vertically, and make the property a home for animals. According to the Wall Street Journal, he told them, “I plan to buy many more properties like this one to protect Utah and provide a haven for my family, friends, and others to enjoy.”
The Gulfstream Jet
Trevor bought a $6 million Gulfstream private jet at the top of his game. The person who sold was on the Nikola board. Trevor used his Nikola shares worth $6 million to pay for the plane. After that, he bought two more aircraft.
Signing off from Nikola
Trevor quit Nikola in 2020 because he was accused of theft. One claim said a marketing video from years ago that was used to get investors showed an electric-powered Nikola truck going on its own.
Ultimately, it turned out that the car was going downhill with no power. At about the same time, one of Milton’s female friends said he touched her inappropriately when she was 15 and he was 18. Milton denied what was said.
Trevor gave up $166 million in stock and a $20 million consulting deal set to end in two years when he quit. He did, however, get to keep about 92 million company shares worth more than $3 billion when he left.
He would be worth about $275 million today if he had kept all those shares. He didn’t keep all of those shares. Since quitting, Trevor has bought and sold at least $300 million worth of shares on the stock market.
Conviction for Fraud
Trevor was charged with securities and wire theft in July 2021. He said he wasn’t guilty and was freed after putting up a $100 million bond.
He was found guilty of two counts of wire fraud and one stock fraud in October 2022. He was told to spend four years in federal jail in December 2023. The prosecution had been asking for 11 years.
Conclusion
The trajectory of Trevor Milton’s financial journey is one marked by staggering highs and dramatic lows. From co-founding Nikola and achieving a net worth of nearly $12 billion at the pinnacle of his success to facing legal ramifications and a four-year federal jail sentence for fraud, Milton’s story is one of significant contrasts.
The lavish real estate acquisitions, multi-million dollar private jets, and strategic stock dealings paint a picture of a businessman who experienced both opulence and controversy.
As he navigates the legal consequences of his actions, the once-celebrated founder of Nikola leaves behind a legacy that serves as a cautionary tale in the realm of business and finance.
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