Founder of Tesla Wannabe Charged With Fraud for Lying About Hydrogen-Electric Truck

Travis Milton, Nikola founder, is in hot water.Hot SeatToday, Travis Milton, founder of controversial electric and hybrid automaker Nikola was charged by the US Justice Department with fraud.If you've been following the story, you know that Nikola (named after Elon Musk's rival automaker Tesla) has had a dramatic fall from grace. Nikola made bold claims about Badger's capabilities in February 2020. This electric- or hydrogen-powered pickup looks, and feels, like an actual vehicle made here on Earth.However, Milton's claims about Badgers abilities, which landed Nikola a brief-lived partnership, seemed too good to be true. CNBC reports that a grand jury has indicted Milton on three counts of criminal fraud for lying regarding nearly all aspects the business.Get ready to buckle upNikola has been nosediving since fraud allegations first surfaced. He is just like the semi-truck that the company pushed down a hill in a 2018 misleading video, but it can't drive yet.AdvertisementAdvertisementHindenburg Research, an investigative firm in financial services, was the first to accuse Nikola of fraud. Within a few days, Milton resigned and the GM deal was canceled. Insider reports that all these signs indicate that Hindenburg might have been onto something. CNBC reported that Milton denied the allegations, but Nikola revealed in February that Milton and it had made several misleading statements.According to CNBC, Milton's scheme was designed to target individual investors, so-called retail investors. He made misleading statements to investors through social media and interviews on podcasts and print.It is sad news. It is sad news, even if you forget about the Nikola vs. Tesla drama. A wider range of electric vehicles would have been a net benefit for a planet that desperately needs the end to burning fossil fuels. The signs are not in favor of Nikolas' ethereal trucks being included in the lineup.READ MORE: Trevor Milton, the founder of Nikola electric carmaker, is indicted by a grand jury on three counts each of fraud [CNBC]AdvertisementAdvertisementNikola: More Information