Nikola Founder Trevor Milton Bids to Buy Back Bankrupt Company’s Assets
In a surprising turn of events, Nikola Corporation founder Trevor Milton is attempting to purchase the assets of his former electric truck company out of bankruptcy, according to recent court filings and insider sources. This development comes just weeks after Milton received a presidential pardon for his 2022 securities fraud conviction.
The Bankruptcy Timeline and Milton’s Controversial Bid
- Nikola filed for Chapter 11 bankruptcy protection in February 2025
- The company aims to complete its sale by mid-April 2025
- Milton’s bid through Nevada entity ISSO LLC was submitted March 21
- Nikola blocked Milton from personally inspecting assets at their Arizona factory
A Tumultuous History: From SPAC Darling to Bankruptcy
Milton’s involvement marks another chapter in Nikola’s rollercoaster journey:
- Founded in 2014 as an electric and hydrogen truck startup
- Went public in 2020 through one of the first high-profile SPAC mergers
- Milton resigned months later amid fraud allegations
- Convicted of securities fraud in 2022, sentenced to four years in 2023
- Received presidential pardon in March 2025
Legal Battle Over Factory Access
Court documents reveal an escalating conflict:
- ISSO LLC was permitted to inspect Nikola’s Coolidge, Arizona facility
- The company prohibited video/photos and barred one specific representative
- Though redacted in filings, descriptions suggest this was Milton
- Nikola’s lawyer called Milton’s interest “nothing more than a publicity stunt”
- Judge Thomas Horan upheld the access restrictions
What’s Next for Nikola?
The bankruptcy court has scheduled:
- An auction for April 7 to evaluate competing bids
- No information yet on other potential buyers
- ISSO LLC’s bid remains active despite access denial
Behind the Scenes of the Bid
Key connections suggest Milton’s involvement:
- ISSO LLC paperwork includes Milton’s father and attorney
- A confidential source confirmed Milton’s pursuit of the bid
- Milton’s spokesperson declined to comment
This potential acquisition attempt adds another layer to Nikola’s complex story, which includes technical challenges like battery fires and recalls preceding its bankruptcy filing. The coming weeks will determine whether Milton can reclaim control of the company he founded or if another buyer will emerge.
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