Nikola Founder Has Now Sold $317 Million of Stock Since Charges
(Bloomberg) — Nikola Corp. founder Trevor Milton, who’s been charged by the U.S. with securities fraud, offloaded stock worth about $33.5 million in the electric truck-maker, bringing the total he’s disposed since August to more than $317 million.
Most Read from Bloomberg
Reliving the New York Subway Map Debate
‘Ghost Signs’ Haunt London’s Reviving Neighborhoods
China Cash Flowed Through Congo Bank to Former President’s Cronies
‘Pension Poachers’ Are Targeting America’s Elderly Veterans
Milton sold 3.29 million shares this week, according to a regulatory filing. Nikola’s former executive chairman dumped about $153 million of stock in two rounds in August, weeks after pleading not guilty to charges of misleading investors.
The stock has dropped 45% in the past year, though Milton is still worth about $1.3 billion, according to the Bloomberg Billionaires Index.
Milton made false and misleading statements about aspects of Nikola’s business, according to a criminal indictment unsealed in July.
Nikola announced last month it was in talks with the U.S. Securities and Exchange Commission to resolve its investigation and expects to pay a $125 million civil penalty.
Most Read from Bloomberg Businessweek
Paige Bueckers, a College Athlete Who’s Cashing In
Karen Lynch, the Shot Caller at CVS
David Baszucki, Roblox’s ‘Builderman’
Charlie Penner, the Investor Reshaping Exxon From the Inside
©2021 Bloomberg L.P.