Trevor Milton Net Worth Update: Inside The Former CEO's Financial Story
Trevor Milton's net worth sits at about $250 million today. This represents a steep drop from his peak wealth as the founder of electric vehicle company Nikola. People often drew parallels between him and Elon Musk, and his financial journey shows an incredible rise followed by a dramatic fall.
His fortune reached astronomical heights after Nikola went public through SPAC in June 2020. The company's market value touched $30 billion, pushing Milton's personal wealth close to $12 billion. He first made it to Forbes' Billionaire list in April 2020 with $1.1 billion, and his wealth peaked at $8.7 billion that June.
The success didn't last long. A short seller accused Milton of misrepresenting his company's technology, and his financial empire started to collapse. His billionaire status vanished by late 2021.
The courts found Milton guilty on three criminal fraud counts, including securities fraud in October 2022. He received a four-year federal prison sentence in December 2023. His story stands as one of the biggest wealth losses in recent business history. Experts predict his net worth will reach around $300 million by 2025.
What is Trevor Milton’s net worth today?
Trevor Milton's net worth stands at $250-300 million as of August 2024. This represents just a fraction of his previous wealth during Nikola's peak days. The story of this former CEO reads like a cautionary tale that shows how fortunes can change in the electric vehicle industry.
Estimated net worth in 2024 and 2025
Financial analysts place Trevor Milton's net worth at roughly $250-300 million in 2024. This number shows a steep drop from his peak wealth, yet still keeps him among America's wealthy elite. He has preserved much of his fortune through diverse investments and smart financial moves made before his legal challenges began.
The outlook for 2025 suggests his net worth might level off around $300 million, barring new legal penalties or asset seizures. This modest uptick would likely come from his existing assets gaining value rather than new business ventures. All the same, legal challenges and potential civil suits make his financial future uncertain.
How his net worth has changed since 2020
Milton's wealth trajectory since 2020 stands out as one of business history's most dramatic reversals. He reached billionaire status after Nikola went public through a SPAC merger in June 2020. His peak net worth touched $8.7 billion as Nikola's stock price surged. Forbes welcomed him to their Billionaires list with $1.1 billion in April 2020.
The downfall started faster than expected after Hindenburg Research released its critical report in September 2020. Nikola's stock crashed from $80 per share to under $20, and Milton's paper wealth vanished. He dropped off the billionaire rankings by late 2021.
His October 2022 criminal conviction on fraud charges dealt another blow. The guilty verdict brought direct fines and collateral damage, including heavy legal fees and reputation harm that cut off new business chances.
Sources of current wealth
Milton still holds valuable assets despite these setbacks. He keeps a stake in Nikola, though smaller now after selling shares over time. Public records show he's cashed out large portions, but the exact number of shares in his possession isn't public.
His real estate portfolio, while smaller than before, adds substantial value to his worth. He sold his $32.5 million Utah ranch and Phoenix luxury homes after his legal troubles surfaced. Yet his remaining properties still contribute significantly to his net worth.
Smart investment choices helped protect some of his wealth. Before legal issues emerged, he spread his money across private equity, non-Nikola stocks, and possibly cryptocurrency. This strategy helped shield part of his fortune from Nikola's stock collapse.
His intellectual property rights and earlier business investments generate steady income, though they make up a smaller piece of his wealth compared to Nikola's glory days. These pre-existing assets keep contributing to his bottom line, even with legal restrictions limiting his new business activities.
The rise: How Milton built his fortune
Trevor Milton started building his wealth long before he became a billionaire. His business mindset helped him build a fortune worth nearly $12 billion at its peak. His rise through various business ventures ended with Nikola's amazing stock market debut that showed how wealth grows faster in today's startup world.
Early ventures before Nikola
Milton started his first business in 2004 with St. George Security and Alarm, an ADT Security Services franchise in Utah. He ran it for about two years before selling it to Glen Pilz. Later, Pilz found several false claims about the business's value.
After that, Milton created several companies that showed his growing business interests:
- dHybrid Inc. (2009) – Made hybrid fuel systems that mixed diesel with natural gas for commercial trucks
- uPillar.com (2009) – A car-focused e-commerce classified-ad website that didn't get much attention
- dHybrid Systems (2012) – Made natural gas storage systems for heavy-duty trucks
dHybrid's original success came with a promising $16 million contract from Swift Transportation to install its system on up to 800 semi-trucks. The company only delivered five converted trucks that didn't save fuel as promised. Despite these setbacks, Milton sold dHybrid Systems to Worthington Industries for $12 million in 2014. This became his first big financial win.
Founding Nikola Motor Company
Milton started Nikola Motor Company in Salt Lake City in 2015, first calling it Bluegentech. Worthington Industries gave $2 million as the original investment. Milton wanted to create zero-emission alternatives to regular diesel-powered vehicles, taking inspiration from Nikola Tesla.
Of course, Nikola faced money problems early on. The company almost went bankrupt before getting a crucial $30 million in funding. Milton and his father had to mortgage their homes to keep the company running.
Things started looking up in May 2016 when Milton unveiled the Nikola One, a hydrogen-electric semi-truck. The truck got over 7,000 reservations in just two months, creating buzz across the industry. During this time, Milton developed a visionary image similar to Tesla's Elon Musk, and people often compared the two.
Going public via SPAC and stock surge
Milton's biggest wealth boost came in March 2020. Nikola agreed to merge with VectoIQ, a special purpose acquisition company (SPAC). This reverse merger valued the company at about $3.3 billion and gave Nikola over $700 million in new money.
Nikola finished its business deal with VectoIQ on June 3, 2020, and started trading on the Nasdaq as "NKLA". The timing worked out perfectly as investors got really excited about electric vehicle companies. Nikola's stock price doubled after it started trading.
Nikola's market value reached almost $30 billion at its highest point in June 2020. It briefly passed Ford despite having no vehicles in production or any revenue. This amazing valuation pushed Milton's net worth to about $12 billion based on his ownership.
The deal made Milton move from CEO to Executive Chairman. He gave up daily control but kept his role as the company's visionary.
This incredible rise created one of the fastest wealth increases in automotive history. Milton's paper fortune grew by billions in just a few months.
The fall: Fraud allegations and resignation
Trevor Milton's fortune crumbled spectacularly in September 2020. A bombshell report from short-seller Hindenburg Research triggered a chain of events that led to criminal charges, prison time, and devastated his net worth.
Hindenburg Research report
Hindenburg Research dropped a scathing report on September 10, 2020. They labeled Nikola "an intricate fraud built on dozens of lies". This report became the trigger for Milton's downfall and targeted his claims about Nikola's technology and products.
The most damaging revelation showed a promotional video of the Nikola One truck "in motion" was staged. The non-functional prototype was towed up a hill and allowed to roll down.
The research team at Hindenburg stated they had "never seen this level of deception at a public company". They claimed Milton made false statements about almost everything in Nikola's business. These accusations covered misrepresentations about hydrogen production capabilities, battery technology development, and prototype vehicles' functionality.
SEC and DOJ investigations
The Securities and Exchange Commission and Department of Justice launched formal investigations into Milton's activities. Federal prosecutors indicted Milton on three counts of fraud by July 2021, and added a fourth count in June 2022.
The SEC complaint stated Milton "repeatedly made false and misleading statements about Nikola's products and technological accomplishments". Federal prosecutors said Milton targeted retail investors through a social-first approach and interviews.
These investors included people who started trading during the COVID-19 pandemic to replace lost income. Many lost "tens and even hundreds of thousands of dollars".
Stepping down and forfeiting assets
Milton stepped down as Executive Chairman on September 21, 2020, just eleven days after the Hindenburg report surfaced. His resignation statement claimed "the focus should be on the company and its world-changing mission, not me".
The departure agreement required Milton to update his social media profiles and get approval from Nikola's lawyers before posting anything about the company.
The financial fallout hit hard and fast. Nikola's stock dropped more than 19% right after the report, followed by another 18% plunge after Milton's resignation. Nikola agreed to pay a $125 million settlement to the SEC in 2021. Milton's story ended up with a fraud conviction in October 2022. He received a four-year prison sentence, had to give up his Utah property, and paid a $1 million fine.
Assets, sales, and lifestyle choices
Trevor Milton lived large and spent freely after his rise to wealth. He managed his assets carefully as legal challenges began to surface.
Real estate purchases and sales
The crown jewel of Milton's property portfolio came in November 2019. He bought the 2,000-acre Riverbend Ranch in Utah at $32.5 million. This purchase made history as Utah's most expensive residential sale. The riverside mansion sprawled across 16,800 square feet with eight bedrooms and 8.5 bathrooms.
Luxury flowed through every detail – hickory floors, hand-forged ironwork, a floor-to-ceiling stone fireplace, and a mahogany wet bar. The estate came complete with a tennis court, helipad, and multiple garages.
Unlike his tech industry counterparts, Milton preferred the countryside. "I enjoy the country, space, privacy and wildlife rather than skylights… I wanted to create a sanctuary where I could live off the land". This property later served a practical purpose as part of his $100 million bail bond after his indictment.
Private jets and luxury spending
Milton's success led him to private aviation. He bought a $6 million Gulfstream jet from a Nikola board member. The purchase price came from his Nikola shares. His aviation fleet grew with two more aircraft. Bank records from his JPMorgan Chase account showed wire transfers for at least one of these purchases.
Stock sales and retained shares
Milton sold his Nikola holdings methodically during his legal challenges. After fraud charges surfaced, he liquidated about $284 million worth of Nikola stock. This included $153 million in August 2021 and $131 million more by November 2021. He cashed out $49 million worth of shares at about $14 per share in April 2021.
His asset management showed careful planning. He transferred 600,000 shares to his spouse six days before his indictment. Despite these large sales, Milton kept his position as Nikola's largest shareholder. His stake dropped to about 17.5%, representing just under 71 million shares. His total Nikola stock sales have exceeded $400 million to date.
Legal battles and their financial impact
Trevor Milton's legal battles have crushed his financial empire. His court fights led to jail time and millions in penalties that keep eating away at his wealth well beyond his stock's original collapse.
Criminal charges and conviction
Federal prosecutors charged Milton with three counts of securities fraud and wire fraud in July 2021. They claimed he "brazenly and repeatedly used social media, and appearances and interviews on television, podcasts, and in print, to make false and misleading statements".
A jury found Milton guilty after a month-long trial in October 2022. He ended up getting a four-year prison sentence from Judge Edgardo Ramos in December 2023. The sentence was nowhere near the 11-year term prosecutors wanted, but it still hit the founder hard – a man whose wealth had once reached $12 billion.
Fines, forfeitures, and settlements
Milton faced massive financial penalties. The court ordered him to give up his Utah property and pay a $1 million fine. Nikola Corporation also paid $125 million to resolve SEC claims. An arbitration panel ruled in October 2023 that Milton must pay back $165 million to Nikola for costs tied to government investigations.
Prosecutors also pushed for $680 million in restitution to Nikola shareholders and $15.2 million to another victim.
Trump pardon and its implications
President Trump pardoned Milton in March 2025, wiping away his conviction. This happened just weeks before the court's scheduled decision on restitution payments. Milton's political donations stood out – he gave $920,000 to the Trump 47 Committee and $750,000 to Robert F. Kennedy Jr.'s MAHA Alliance. The pardon cleared Milton from paying anything more to the investors he defrauded.
Conclusion
Trevor Milton's net worth shows one of the most dramatic financial rises and falls in recent business history. His fortune stands at approximately $250-300 million today. This represents just a fraction of the nearly $12 billion he commanded at his peak after Nikola went public. Without doubt, his story teaches us about the volatile nature of wealth built on unproven technologies and questionable claims.
His financial collapse proved as remarkable as his rise to success. Very few entrepreneurs have seen their net worth drop by over 97% in such a short time. He started Nikola with a $2 million investment and briefly surpassed Ford's market value. This shows how quickly fortunes can change in today's speculative markets.
Electric vehicle startups face increased scrutiny, as shown by Milton's downfall. People compared him to Elon Musk at first, but his failure to deliver promised technologies led to his downfall. The Hindenburg Research report exposed what prosecutors later proved were intentional misrepresentations.
Legal troubles changed his financial future forever. He received a four-year prison sentence with heavy fines and forfeitures that quickly eroded his remaining wealth. His obligation to pay back Nikola $165 million put more strain on his finances. The unexpected Trump pardon saved him from paying restitution to defrauded investors.
Milton protected some of his fortune through smart asset management. He sold over $400 million in Nikola shares and made diverse investments. This helped him keep substantial wealth even as Nikola's stock price fell. While no longer a billionaire, his projected net worth of $300 million in 2025 keeps him financially secure.
His story reflects modern entrepreneurship's opportunities and risks. He went from selling security systems to becoming a billionaire briefly. This financial roller coaster shows the amazing possibilities and dangers of building wealth in today's tech-driven market.
His case will likely become a reference point showing how quickly wealth can grow and vanish in the unstable world of EV startups.
FAQs
Q1. What is Trevor Milton's current net worth?
Trevor Milton's current net worth is estimated to be around $250-300 million as of 2024, a significant decrease from his peak wealth of nearly $12 billion in 2020.
Q2. How did Trevor Milton build his fortune?
Milton built his fortune primarily through founding Nikola Motor Company, an electric vehicle startup. The company's successful public debut via SPAC in 2020 briefly propelled Milton to billionaire status.
Q3. What led to Trevor Milton's financial downfall?
Milton's downfall began with fraud allegations from Hindenburg Research in September 2020, followed by SEC and DOJ investigations, criminal charges, and ultimately a conviction for securities fraud in October 2022.
Q4. What major assets did Trevor Milton acquire during his peak wealth?
During his peak wealth, Milton purchased a 2,000-acre Riverbend Ranch in Utah for $32.5 million and acquired multiple private jets, including a $6 million Gulfstream.
Q5. How has Trevor Milton's legal troubles impacted his finances?
Milton's legal troubles resulted in a four-year prison sentence, $1 million fine, property forfeiture, and a requirement to reimburse Nikola $165 million. He has also sold over $400 million worth of Nikola stock since his legal issues began.