Trump Pardons Nikola Founder Trevor Milton, Erasing Securities Fraud Conviction

On March 27-28, 2025, President Trump pardoned Trevor Milton, founder of electric-truck maker Nikola, who had been convicted in 2022 of securities and wire fraud for misleading investors about the company's technology. The pardon came about two weeks after prosecutors had urged a court to order Milton to pay roughly $680 million in restitution to shareholders and $15.2 million to another fraud victim; the pardon foreclosed any restitution order. The case mattered because Milton's conviction had affirmed a jury's finding that he deceived investors who lost hundreds of millions of dollars, and the pardon nullified that accountability entirely. Reporting tied the decision to Milton's substantial political contributions, including large donations to Trump-aligned committees and to Robert F. Kennedy Jr., who reportedly lobbied for the pardon. Trump said Milton had been “persecuted” partly because of his early support for his campaign. Critics viewed the pardon as part of a pattern in which clemency flowed to wealthy, politically connected defendants convicted of financial crimes, undermining deterrence for corporate fraud.