The founder of Nikola, Trevor Milton, will step down as an executive chairman of the US truckmaker. The decision came after limiting the ten days of the tumultuous round for the company as a short seller alleged it as an 'intricate fraud.' With that, the former Vice-Chairman of General Motors and Nikola board member, Stephen Girsky will replace Milton as a chairman.
Trevor Milton's step-down follows the contusion period of Nikola after a short-seller, Hindenburg Research, reported that the group's proprietary technology was bought from another company. Also, the short seller stated that they have 'extensive evidence' to support their statements.
As per the reports, Trevor Milton agreed to let go of $166 million in stock awards tied to Nikola's performance. It also includes $20 million in consulting fees, as per the Securities and Exchange Commission filings. Despite all that, the company will cover $100,000 security detail for him and his family for the next three months, after he steps down from the executive chairman.
The filings further stated, 'Nikola is requiring Mr. Milton to promptly revise [his] employment status on social media.'
Besides that, Stephen Girsky, who will take over the chairman position, thanked Trevor Milton for his visionary leadership and contributions to Nikola. Also, he mentioned that the company had world-class partnerships. Similarly, Milton stated:
"Nikola is truly in my blood and always will be, and the focus should be on the company and its world-changing mission, not me.” As a result, “I made the difficult decision to approach the board and volunteer to step aside as executive chairman.”
The report from Hindenburg raised several queries about the past business run by Milton, out of which several of them were mired by lawsuits or collapsed.
Trevor Milton's Net Worth
American billionaire, Trevor Milton- a co-founder of an electric truck maker, has a net worth of $3 billion.
Milton's journey to the business world started after he dropped from college. He started a sales and marketing career and later began his alarm sales company before exiting for $300 Thousand. Besides that, he launched an online used car business and alternative energy vehicle company named dHybrid Inc.
Milton started Nikola Motor Company in 2015 in Utah and later moved to Phoenix. In 2020, he took the motor company through reverse IPO, and after a week, his fortune was estimated at around $30 billion. Milton, who has 40% of the company's equity, led his net worth as much as $12 billion and as less as $3 billion.
He currently lives in Utah's most expensive home, which he bought for $32.5 million in 2019.
Trevor Milton Married's Married Life With Wife Chelsey Milton
Trevor Milton is a married man. He is tied with his wife of three years, Chelsey Milton. The couple married back in 2017 in Wyoming.
Trevor shared about his wedding with his spouse through a tweet, where he wrote, 'Can't believe I got to marry a woman that is much better than I am. It happened this weekend in Wyoming! I'm now married.'
Trevor Milton and his wife during their wedding ceremony (©: Twitter/Trevor Milton)
However, his Twitter account is set to private, as of now.
His Instagram bio also shows 'Husband to an amazing wife,' but the account is private. Milton has not come up with his wife's details, but as per the online records, his wife is Chelsey Virginia Bergmann. She attended Utah Valley University and Cameo College of Essential Beauty. She was a licensed 'Master Esthetician' in 2012.
More About Trevor Milton
Trevor Milton was born on 6 April 1981 in the United States.
Milton, age 31, is a well-known businessman of the United States and a billionaire. Milton is a son of Bill Milton and Sally Milton, who raised him in a Mormon family and his four siblings (a brother and three sisters).
His father, Bill, was a Union Pacific Railroad manager while his mom was a realtor. His mother died when he was 15 due to cancer in May 1997 at the age of 45.