Nikola Founder Giving First 50 Employees His Own Stock Worth $233 Million
Nikola Founder Giving First 50 Employees His Own Stock Worth $233 Million
The stock has surged since Nikola started trading on the Nasdaq via a reverse merger in early June, driven by investor appetite for electric-vehicle manufacturers.
Trevor Milton, the founder and chairman of Nikola Corporation, is giving the first 50 employees of the electric-truck startup 6 million of his own shares after making a promise when he hired them. When I first started this company I was looking for the best employees in the world and it was a huge risk," Mr Milton said in a video posted on his Instagram page. "The likelihood of us ever succeeding was like next to none and luckily I found an incredible group of employees that started with me from day one."
The shares he’s handing over in the Phoenix-based company are currently worth about $233 million. The stock has surged since Nikola started trading on the Nasdaq via a reverse merger in early June, driven by investor appetite for electric-vehicle manufacturers, even as the company has yet to produce its first vehicle.
Mr Milton, a self-described serial entrepreneur who flunked out of high school and then passed the General Educational Development test, has used social media to promote the firm, drawing parallels to Elon Musk, the world’s fourth-richest person. Mr Milton, 37, is worth $4.6 billion, according to the Bloomberg Billionaires Index, a ranking of the world’s 500 richest people. That figure will drop once the share transfer is complete.
He’s said on Twitter that he has no plans to sell his own stock and he has approval from Nikola’s board to borrow against his stake to add to his position.
"It could be worth billions in the future if we do well," Milton said in Wednesday’s announcement. "Who knows where it will go. But I am making good on my promise."
Not everyone will be delighted by his gift. Milton said a couple of those first employees have since departed.
The company has garnered its share of skeptics. In June, as the shares surged to almost $80, a frenzy of short sellers sent Nikola borrowing fees soaring as it projected zero revenue for 2020. The stock has since gone back to $38.82, with its short interest at about 2 per cent of shares outstanding, down from 11 per cent in June, according to IHS Markit Ltd. data.
While the success of the company developing hydrogen fuel cell-powered semi trucks has boosted Milton’s fortune, some of its early investors are also reaping the benefits. Among them is the Agnelli family’s CNH Industrial NV, Jeff Ubben’s ValueAct Capital Management, South Korea’s Hanwha Group, and Nikola’s first backer: Worthington Industries Inc., the metals manufacturer where Milton used to work.
Please note that under 66A of the IT Act, sending offensive or menacing messages through electronic communication service and sending false messages to cheat, mislead or deceive people or to cause annoyance to them is punishable. It is obligatory on kemmannu.com to provide the IP address and other details of senders of such comments, to the authority concerned upon request. Hence, sending offensive comments using kemmannu.com will be purely at your own risk, and in no way will Kemmannu.com be held responsible.
Similarly, Kemmannu.com reserves the right to edit / block / delete the messages without notice any content received from readers.
Final Journey of John Henry Almeida (71 years) | LIVE from Udyavara

Final Journey of Mrs. Severine Pais (85 years) | LIVE from Milagres, Kallianpur, Udupi

Final Journey of Mrs Lennie Saldanha (89 years) | LIVE from Kemmannu | Udupi

Final Journey of Zita Lewis (77 years) | LIVE from Kallianpur, Udupi

Final Journey of Henry Andrade (83 years) | LIVE from Kemmannu

Final Journey of Mr. Leo Britto (65 years) | LIVE from Mother of Sorrows Church, Udupi

Mount Rosary Church - Rozaricho Gaanch May 2025 Issue

Final Journey of Juliana Machado (93 years) | LIVE from Udyavara | Udupi

Final Journey of Charles Pereira (78 years) | LIVE from Kemmannu

Milarchi Laram, Milagres Cathedral, Kallianpur, Diocese of Udupi, Bulletin - April 2025

Holy Saturday | St. Theresa Church, Kemmannu

Final Journey of Albert Lewis (85years) | LIVE From St Theresa’s Church Kemmannu | Udupi

Final Journey of Bernard G D’Souza | LIVE from Moodubelle

Earth Angels Kemmannu Unite: Supporting Asha Fernandes on Women’s Day

Final Journey of Joseph Peter Fernandes (64 years) | LIVE From Milagres, Kallianpur, Udupi

Milagres Cathedral, Kallianpur, Udupi - Parish Bulletin - January 2025 Issue

Rozaricho Gaanch 2024 December Issue - Mount Rosary Church, Santhekatte

Land/Houses for Sale in Kaup, Manipal, Kallianpur, Santhekatte, Uppor, Nejar, Kemmannu, Malpe, Ambalpady.

Naturya - Taste of Namma Udupi - Order NOW

Focus Studio, Near Hotel Kidiyoor, Udupi


Earth Angels - Kemmannu Since 2023

Click here for Kemmannu Knn Facebook Link
Sponsored Albums
Exclusive
Mangalorean Teen Feryl Rodrigues Shines as May Queen 1st Runner-Up at Indian Club Bahrain [Video]

A Saintly Shepherd of Our Times: A Tribute to Pope Francis

Servant of God – Fr Alfred Roche, Barkur -Closing ceremony of Birth Centenary Celebrations.

"Raav Sadanch" – A Konkani Musical Masterpiece by Young Prodigy Renish Tyson Pinto, Barkur Inspires Youth to Chase Their Passions.

Bishop Rt. Rev. Dr. Gerald Isaac Lobo, Offers the Solemn Thanksgiving Jubilee Mass, in Milagres Cathedral

GOLDEN YEARS, HAPPIER TOGETHER….by P. Archibald Furtado

Parish Level inaugural Badminton Little Flower Cup 2024 held in Kemmannu.

Udupi: Foundation stone laid for the SVP sponsored new house at Kemmannu

KAMBALA – A FORGOTTEN SPORT OF YESTER YEARS…..
