That was interesting.
The Wikipedia articles Nikola Corporation
https://en.wikipedia.org/wiki/Nikola_Corporation and Trevor Milton
https://en.wikipedia.org/wiki/Trevor_Milton give an overview of what happened after the Hindenburg Research report.
Nikola's share price dropped, and dropped further as planned business partnerships fell through.
The company continued to build modest numbers of trucks -low, mid hundreds in total?
Fleet Owner website, 05 November 2024 states
External Quote:
Year-to-date, they have sold roughly 200.
"Nikola's Q3 results: The good, the bad, and the interesting", Jennifer Ramsay
https://www.fleetowner.com/emission...ries-surge-revenue-struggles-and-future-plans
There were substantial recalls: Wikipedia lists 93 vehicles due to issues with seat-belt anchor points in Sept. 2022, 209 (
all Nikola electric semitrucks up to that time) in August 2023 due to battery fires; in addition
EV website adds 72 recalled due to flaws in the display consoles in November 2024 ((
https://eletric-vehicles.com/nikola...driven-1-million-miles-in-updated-bev-trucks/).
In February 2025 the company filed for Chapter 11 bankruptcy protection.
After the Hindenburg report was released on 10 September 2020, the U.S. Securities and Exchange Commission and Department of Justice began to investigate.
Trevor Milton, founder and CEO of Nikola Corp., resigned 20 September 2020.
July 2021, Milton was indicted on three counts of securities fraud and wire fraud. Nikola Corp. was not indicted.
October 2022, Milton was found guilty on three out of four counts, and was sentenced to four years in prison, a $1 million fine and to pay $168 million restitution.
Trevor Milton remained free on bail while he appealed his sentence.
He used his time wisely,
External Quote:
Milton and his wife donated more than $3.2 million to Donald Trump's 2024 presidential campaign and figures in Trump's orbit. In March 2025, he was given a full pardon by President Donald Trump. As a result of the pardon, Milton will not need to compensate Nikola shareholders, who lost tens of millions of dollars. In September 2025, the SEC under the second Donald Trump administration dropped civil enforcement cases against Milton. As a consequence, Milton will not have to pay any civil penalties or face job restrictions...
https://en.wikipedia.org/wiki/Trevor_Milton
