Trevor Milton, the controversial founder of Nikola, is making headlines once again. Recently pardoned after a conviction for securities fraud, Milton is now attempting to purchase the assets of his bankrupt company, Nikola. This new chapter in the Nikola story is nothing short of dramatic, especially considering Milton's tumultuous past with the company.
Nikola’s Bankruptcy Filing: A Timeline of Struggles
Nikola filed for Chapter 11 bankruptcy protection in February 2025, marking a significant downturn for the electric vehicle (EV) startup. The company, known for its ambitious plans to revolutionize the transportation industry with hydrogen-powered trucks, has been plagued by technical issues, financial instability, and public controversy since its inception.
Milton’s role in the company’s downfall began in 2020 when he was accused of fraud. These allegations led to his resignation from the company just months after it went public in a high-profile special purpose acquisition company (SPAC) merger. His conviction for securities fraud in 2022 and subsequent pardon in 2025 by President Trump only added fuel to the fire surrounding his involvement with Nikola.
The Controversial Bid: Milton’s Plan to Reclaim Nikola
Milton’s attempt to buy Nikola’s assets from bankruptcy is raising eyebrows. According to court filings, Milton’s bid was met with resistance from the company’s management. Nikola reportedly denied him access to inspect the assets at its Coolidge, Arizona, factory, a move that lawyers representing Milton have criticized. This denial only adds to the tension surrounding his involvement with the company.
The court filings also mention another entity, ISSO LLC, which submitted a bid for Nikola’s assets. However, the company’s lawyers have implied that Milton’s interest is purely for publicity, which adds another layer of complexity to the situation. As of now, it remains unclear whether other parties have also submitted bids for Nikola’s assets ahead of the auction.
What’s at Stake for Nikola’s Future?
Nikola’s bankruptcy auction could be a critical turning point for the company, which has struggled with battery fires, recalls, and an overall financial crisis. While the court has scheduled an auction to determine the best offer for Nikola’s assets, the question remains: who will ultimately take control of the company’s future?
For Milton, this bid represents a final attempt to reclaim what he once built, but it’s uncertain whether his involvement will result in a successful acquisition or if he’ll be shut out entirely.
Never-Ending Nikola Saga
Nikola’s story is a fascinating one, filled with ambitious goals, major setbacks, and, of course, legal drama. Whether Trevor Milton succeeds in acquiring his former company’s assets or not, the company’s future remains uncertain. What’s clear, however, is that Nikola’s struggles are far from over, and Milton’s continued involvement adds yet another layer to this ongoing saga.
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