SEC Moves to Dismiss Case Against Former Nikola CEO Milton
Trevor Milton, founder of Nikola Corp., exits court in New York, on Dec. 18, 2023.
Photographer: Yuki Iwamura/BloombergThe US Securities and Exchange Commission has moved to drop its case against the former head of Nikola Corp., the once-buzzy electric vehicle startup that has faced a stunning downfall.
The SEC alleged in 2021 that Trevor Milton had misled investors by touting a trail-blazing company when it was really an early-stage firm with yet-to-be-proven products. In an infamous video, a prototype vehicle seemed to move on its own power, when in fact it was just rolling down a hill.