Nikola’s Fallen Founder Tries to Reclaim the Company He Sank

Trevor Milton, the disgraced founder of electric truck startup Nikola Corporation, is back in the headlines—not for innovation, but for trying to claw his way back into the company’s assets after orchestrating one of the most high-profile fraud cases in the EV industry’s short history.

Despite Nikola’s ongoing Chapter 11 bankruptcy proceedings, Milton, freshly pardoned by President Donald Trump after his 2023 securities fraud conviction, is aggressively trying to acquire the remains of the very company he helped tank.

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Milton’s Comeback Attempt

Milton’s efforts to buy Nikola’s assets have come through a Nevada-based shell entity called ISSO LLC, a legal maneuver clearly designed to maintain plausible distance from the bid. Court documents have now connected Milton directly to the group behind the offer, raising eyebrows and legal resistance from Nikola’s current management and creditors.

In fact, Nikola reportedly blocked Milton from entering the company’s Coolidge, Arizona facility, calling the inspection request a “publicity stunt.” The company’s legal filings suggest they see Milton’s reentry as a reputational and strategic threat rather than a viable path toward recovery.

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What’s at Stake

Nikola officially filed for Chapter 11 bankruptcy on February 19, 2025, listing liabilities between $1B and $10B, while holding assets between $500M and $1B. With only $47M in cash on hand at the time, the company’s strategy is clear: liquidate or restructure through a sale to salvage any remaining value for creditors and stakeholders.

The auction for Nikola’s assets began April 7, with a court-approved sale expected in the coming days. Milton’s involvement has injected both chaos and unwanted media attention into an already fragile situation.

Nikola, which at one point was hailed as a Tesla competitor, is now trying to preserve essential services like HYLA hydrogen fueling support and truck servicing—at least through March. But beyond that, its future hangs in the balance.

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Legal and Ethical Backlash

Milton’s past makes his reentry particularly contentious. In 2023, he was convicted of securities fraud after misleading investors about Nikola’s technology—infamously including a promotional video that featured a truck rolling downhill to simulate performance. His actions led to billions in investor losses and the unraveling of Nikola’s credibility.

The public was stunned when Trump issued a full pardon in March 2025, just weeks before the Nikola bankruptcy auction. That decision came after reports surfaced that Milton donated nearly $1 million to a Trump-aligned fundraising committee, raising concerns about political influence and justice system integrity.

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Bottom Line

Milton’s bid to reacquire Nikola’s assets is more than just a corporate maneuver—it’s a test of accountability in the tech industry. Should a convicted fraudster be allowed to buy back the pieces of the company he helped destroy? That’s the question now before the courts, and likely, the public eye.

As Nikola’s bankruptcy auction plays out, one thing is certain: this is no redemption arc—it’s a reckoning.