By Ricardo Lezama 
In a dramatic and unexpected turn of events, Trevor Milton, the embattled founder and former CEO of electric vehicle startup Nikola Corporation, has been granted a presidential pardon by former President Donald Trump. Notably, every major financial outlet has covered this in a fairly neutral tone and the ability for a president to issue a pardon for criminal convictions is fairly uncontroversial.
Interestingly, U.S. Attorney General Pam Bondi is the sister of Brad Bondi, Milton’s lawyer, which could reasonably lead to speculation around the conditions of his release. In fact, Milton’s wife donated to the Trump campaign fund a massive amount of money, 1.8. million, which could not have hurt his chances of release.
Milton, who had been convicted on multiple counts of fraud related to misleading investors about Nikola’s technological capabilities and production timelines, was serving a federal prison sentence at the time of the pardon. His case became emblematic of the speculative frenzy surrounding electric vehicle startups during the late 2010s and early 2020s. Weirdly, Trump invoked his legal cases when issuing the pardon, which involves just as Trump’s NY State convictions.
Trump’s pardon, announced late Thursday evening, cited Milton’s “entrepreneurial spirit” and criticized what he described as “overreach by federal prosecutors targeting innovation.” The move was met with mixed reactions from the public, with supporters applauding the decision as a correction of an overly aggressive prosecution, and critics denouncing it as a gift to a disgraced executive who misled shareholders and tarnished the reputation of the clean energy sector.
Shares of Nikola, which now trades under the ticker $NKLAQ following its Chapter 11 bankruptcy proceedings, saw a brief spike in today’s trading. At close, they doubled in value from a measly few cents to a mighty 24 cents – almost a whole quarter.. While Milton has not held an executive role at Nikola since his resignation in 2020, his name remains closely tied to the company’s public image and legal troubles. This could be quite the turnaround as his association with Electric Vehicles could rival Musk in terms of being symbolically in competition if not literally because of capital limitations. Nonetheless, Milton’s public image and past accomplishments could provide an alternative to investors tired of Musk’s forays into federal government.
In a statement released through his legal team, Milton said, “I am deeply grateful for the opportunity to move forward. My intention was always to inspire and lead innovation in the American automotive industry. I look forward to contributing again in a meaningful way.”
Legal analysts say the pardon does not erase the civil suits still pending against Milton, including claims from investors seeking restitution for losses incurred during Nikola’s meteoric rise and subsequent fall.
As the news reverberates across both political and financial circles, questions linger over the use of presidential pardons for white-collar offenders—and what Milton’s next move might be in a post-pardon landscape.