Milton Pardoned: Nikola Fraud Restitution Now Uncertain

Milton, who was free pending appeal, had misled investors about Nikola's hydrogen and electric truck capabilities, a fact exposed by Hindenburg Research and a Business Insider investigation. Nikola, once valued higher than Ford, ultimately filed for Chapter 11 bankruptcy last month after Milton's departure in 2020 and subsequent cash crunch.

A judge had recently ordered Milton to pay $680 million in restitution to Nikola shareholders and $15 million to investor Peter Hicks. This pardon now casts significant doubt on the enforceability of these restitution payments, directly impacting defrauded investors.

Milton's substantial political donations to Republicans, including $920,000 to a Trump fundraising committee, preceded the pardon, raising questions about the intersection of political influence and corporate accountability.