Trevor Milton is a big entrepreneur known for starting a company focused on electric vehicles. He’s got a lot of attention for his ideas and plans to change the way we think about transportation and make it more eco-friendly.
Let’s take a look at Trevor Milton’s net worth and see how his work has made a difference in the electric vehicle world.
How Much is Trevor Milton’s Net Worth?
It is estimated that Trevor Milton’s net worth is $250 Million. In April 2020, Milton’s net worth was estimated to be $1.1 billion when his name was added to the list of billionaires. Nevertheless, he was unable to hold onto his billionaire status as the company’s shares dropped by 11.3% and closed at 14.5% in September of that year.
Which Companies were Founded by Trevor Milton?
After graduating from college, Milton founded an alarm sales company named St. George Security and Alarm. He eventually sold the company for a reported $300,000, although his former partner alleges he was misled into thinking the exit payment was “much smaller.”
Milton then started a used automobile classified website, however it was later shut down. Subsequently, Milton established dHybrid, Inc., an alternative energy vehicle company that modified commercial trucks to run on natural gas rather than diesel.
Milton alleged that the investor was taking their intellectual property after striking a deal with an investor for a sizable interest in dHybrid. As a result, dHybrid Inc. sued the investor and Milton shut down the business.
Trevor Milton is most renowned for being a co-founder of Nikola, a manufacturer of electric trucks. Nikola Motor Company was established in 2015 by Trevor Milton. At first, it was based in Utah but later moved to Phoenix.
In June 2020, he brought the business public. After going public, Nikola’s valuation was close to $30 billion in just one week.
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Where Did Trevor Milton Invest His Money?
Trevor bought a $6 million Gulfstream private jet when he was very successful. A board member of Nikola was the seller. Trevor used $6 million of his Nikola shares to purchase the jet. He went on to purchase two more planes.
He spent $32.5 million in 2019 to purchase a 2,670-acre property in Utah. It broke the record for the most expensive house ever bought in Utah. The 17,000 square foot riverfront mansion of the eight-bedroom home features a helipad. Recently, Trevor Milton was found guilty and below you will read about it.
Why Was Trevor Milton Found Guilty?
On Monday, December 18, Trevor Milton was found guilty of fraud and given a four-year sentence. The accusations stemmed from the fraudulent statements he made about his business, for which he was found responsible in October of last year.
Milton was also fined $1 million during his most recent punishment. Milton misled investors about his business Nikola’s hydrogen and electric truck technology.
The original sentence of up to sixty years was subsequently lowered to eleven. After his release, Trevor will also be on supervised release for about three years. Below we shared a tweet related to his fraus.
WATCH: Utah billionaire Trevor Milton walks out of the courtroom, complimenting the judge after his 4yr fraud sentence.
He still believes he will never have to serve a day behind bars. pic.twitter.com/Mvdw62r1KE
— Adam Herbets, FOX 13 🏔️ (@AdamHerbets) December 19, 2023
Milton stated in court that he never intended to hurt anyone and that he denied the charges brought against him, even though his attorneys refused to comment on anything. U.S. Attorney Damian Williams for the Southern District of New York expressed his delight with the sentence.
“Trеvor Milton liеd to invеstors again and again – on social media, on tеlеvision, on podcasts, and in print. But today’s sentence should be a warning to start-up founders and corporate executives everywhere – ‘fake it till you make it’ is not an excuse for fraud, and if you mislead your investors, you will pay a stiff price.”
Notably, Milton left Nikola in September 2020 as executive chairman after allegations made by a company named Hindenburg Research that Nikola had lied about its technology to expand partnerships with other businesses. Stephen Girsky, a former vice chairman of General Motors was selected to lead the board when Milton left.
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