Hyperdrive

Nikola Founder’s Fortune Slumps After Stepping Down as Chair

Milton’s holding worth $3.3 billion after stock falls 19%
Former chair to give up 4.86 million stock units, board seat

Trevor Milton
Photographer: Isaac Sloan/Nikola

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By Benjamin Stupples, Edward Ludlow, and Tom Maloney

September 21, 2020 at 2:34 PM UTC

Updated on

September 21, 2020 at 8:53 PM UTC

This article is for subscribers only.

Trevor Milton’s decision to step down as executive chairman of Nikola Corp. is costing him.

Shares of the electric-vehicle startup that Milton founded in 2014 plunged 19% on Monday, valuing his holding at $3.3 billion. That’s about $767 million less compared with Friday’s close, according to the Bloomberg Billionaires Index.