Indicted Nikola Founder Sells Stocks Worth 88.3 Billion Won

[Asia Economy Reporter Kwon Jae-hee] Trevor Milton, the founder of the U.S. hydrogen fuel cell vehicle company Nikola, sold $77 million (approximately 88.3267 billion KRW) worth of Nikola shares shortly after pleading not guilty to charges of securities fraud and financial fraud.

According to Bloomberg on the 8th (local time), Milton disclosed on the 6th through a public filing that he sold Nikola shares indirectly owned through M&M Residual, a Nevada-based company he owns 100%, and through his spouse.

The filing states that Milton and M&M Residual transferred 600,000 shares and 1.15 million shares, respectively, to Milton's spouse on the 23rd of last month, six days before Milton was indicted.

Milton was indicted on the 29th of last month by the U.S. Attorney's Office for the Southern District of New York on charges of securities fraud and financial fraud.

Even after the indictment, Milton, who continues to plead not guilty, was released on bail of $100 million on the 5th under the conditions that his residence is restricted to a ranch in Utah and that he does not contact investors.

Milton stepped down as CEO last September amid controversy following a Hindenburg Research report labeling Nikola as a "fraudulent company," but he still retains his position as the largest shareholder.

This content was produced with the assistance of AI translation services.