logo
Trump pardons Trevor Milton, founder of bankrupt truck maker Nikola convicted of fraud

Trump pardons Trevor Milton, founder of bankrupt truck maker Nikola convicted of fraud

USA Today28-03-2025

Trump pardons Trevor Milton, founder of bankrupt truck maker Nikola convicted of fraud
Show Caption
Hide Caption
Trump selects Alice Johnson as 'pardon czar'
Alice Johnson, pardoned by Donald Trump during his first term, has been appointed the president's "pardon czar."
Straight Arrow News
WASHINGTON ― President Donald Trump granted a full and unconditional pardon Thursday to Trevor Milton, founder of hydrogen-powered truck maker Nikola Corp., clearing the charismatic start-up leader of wrongdoing for his 2022 conviction of federal crimes related to defrauding investors.
Milton, who was represented in his case by Attorney General Pam Bondi's brother, said Trump personally called him to deliver the news.
"I am free. The prosecutors can no longer hurt me. They can't destroy my family. They can't rip everything away from me. They can't ruin my life, " Milton said in a video posted on X announcing the reprieve. "It is done. It's over."
A White House official confirmed Milton's pardon to USA TODAY.
Milton was sentenced to four years in prison in 2023 after a jury found him guilty of lying to investors about the company's technology. He was convicted in October 2022 on one count of securities fraud and two counts of wire fraud, and acquitted on an additional securities fraud count.
More: Nikola executive chairman Trevor Milton resigns amid federal probe into Nikola's claims
Milton called Trump "an amazing man that cared enough to call me personally to tell me how much of an injustice this all was, done by the same offices that harassed and prosecuted him."
Milton, former executive chairman of the Phoenix-based start-up company, was accused by federal prosecutors of misleading the public about the capability of its hydrogen semi-trucks and battery systems. Prosecutors said Milton's company did not develop its own batteries as claimed but instead bought the batteries.
Trump told reporters Friday pardoning Milton was "highly recommended by many people," adding that Milton was "taken advantage of" and treated unfairly by the U.S. Southern District of New York, where he was prosecuted.
"I don't know him, but they say it was very unfair," Trump said, arguing that Milton was targeted because he's a Trump supporter. "You don't realize ‒ this was a vicious group of people that were in this office before us."
Brad Bondi, the attorney representing Milton, and the brother of Pam Bondi, did not return a message seeking comment.
General Motors partnered with Nikola to produce an electric pickup truck, but GM later scaled back the alliance amid the allegations against the company.
Nikola last month filed for Chapter 11 bankruptcy protection and announced it would pursue a sale of its assets.
Contributing: Reuters.
Reach Joey Garrison on X @joeygarrison.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Sector ETFs Likely to Gain on May Inflation Data
Sector ETFs Likely to Gain on May Inflation Data

Yahoo

time6 minutes ago

  • Yahoo

Sector ETFs Likely to Gain on May Inflation Data

Consumer prices in the United States rose modestly in May, indicating that President Donald Trump's tariffs have not yet had a significant impact on inflation, according to the Bureau of Labor Statistics (BLS) report released Wednesday. The Consumer Price Index (CPI) increased by just 0.1% in May, falling short of the 0.2% monthly increase forecasted by a Dow Jones survey, as quoted on CNBC. This puts the annual inflation rate at 2.4%, matching economists' expectations for the year. Excluding the volatile food and energy categories, the core CPI also rose by 0.1% for the month, bringing the year-over-year rate to 2.8%. These figures were lower than forecasts of 0.3% and 2.9%, respectively. A continued decline in energy prices helped offset some of the monthly inflation. Energy prices dropped 1% in May, with gasoline falling by 2.6%, pushing its annual decline to 12%. Meanwhile, new and used vehicle prices fell by 0.3% and 0.5%, respectively—despite expectations that tariffs might drive these categories higher. Against this backdrop, below we highlight a few sector-based exchange-traded funds (ETFs) that may gain in the near term. Technology – Technology Select Sector SPDR ETF (XLK) Given the muted inflation, market expectations suggest the Federal Reserve will wait until at least September before considering interest rate cuts. Trump continues to pressure the Fed to act, citing both easing inflation and signs of labor market softness. Still, low rates are expected to boost high-growth sectors like technology. The underlying Technology Select Sector Index includes companies from the following industries: computers & peripherals; software; diversified telecommunication services; communications equipment; semiconductor & semiconductor equipment; internet software & services; IT services; wireless telecommunication services; electronic equipment & instruments; and office electronics. The fund charges 8 bps in fees and yields 0.65% annually. Healthcare – iShares U.S. Medical Devices ETF (IHI) The index for the medical care commodities rose 0.6% sequentially in May. The index has advanced 0.3% annually. The underlying Dow Jones U.S. Select Medical Equipment Index measures the performance of the medical equipment sector of the U.S. equity market. The fund charges 40 bps in fees and yields 0.44% annually. Restaurants – AdvisorShares Restaurant ETF EATZ The index for the food away from home increased 0.3% sequentially and 2.2% annually in May. However, the gains were higher than the 2.9% annual increase in the food at home index. This disparity may encourage some consumers to opt for eating out. Overall, food prices rose 0.3% on the month. We also expect the restaurants to pass on the increased costs to consumers. The EATZ ETF is an actively managed exchange-traded fund that seeks to achieve its investment objective by investing at least 80% of its net assets in securities of companies that derive at least 50% of their net revenue from the restaurant business. The fund charges 99 bps in fees and yields 0.17% annually. Real Estate – Real Estate Select Sector SPDR ETF XLRE Weighted shelter makes up 32.77% of CPI, of which 7.8% is rent and 23.68% is private housing, per data from MacroMicro. The shelter index jumped 0.3% in May. Costs increased 3.9% annually. The annual shelter inflation rate slowed to its lowest since late 2021. The underlying Real Estate Select Sector Index includes securities of companies from the following industries real estate management and development and REITs, excluding mortgage REITs. The fund yields 3.31% annually and charges 8 bps in the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Technology Select Sector SPDR ETF (XLK): ETF Research Reports Real Estate Select Sector SPDR ETF (XLRE): ETF Research Reports iShares U.S. Medical Devices ETF (IHI): ETF Research Reports AdvisorShares Restaurant ETF (EATZ): ETF Research Reports This article originally published on Zacks Investment Research ( Zacks Investment Research Sign in to access your portfolio

The Latest: California challenges Trump's use of military in Los Angeles
The Latest: California challenges Trump's use of military in Los Angeles

San Francisco Chronicle​

time9 minutes ago

  • San Francisco Chronicle​

The Latest: California challenges Trump's use of military in Los Angeles

Opponents of President Donald Trump 's administration are set to rally in hundreds of cities on Saturday during the military parade in Washington for the Army's 250th anniversary — which coincides with Trump's birthday — as protests grow in response to his immigration policies. The 'No Kings' protests have been called, organizers say, to protect America's democracy as Trump vows to increase his deployment of military forces inside the United States. A federal court hearing is scheduled for Thursday challenging Trump's use of the National Guard and Marines to support immigration raids in Los Angeles. California leaders warn that the military intervention is the onset of a much broader effort by Trump to overturn norms at the heart of America's political system. Trump was booed and cheered at the Kennedy Center, where he and first lady Melania Trump attended the opening night of 'Les Misérables.' He's been remaking the Kennedy Center in his image as part of a campaign to rid American cultural institutions of what he describes as liberal ideology. Among the eight new vaccine policy advisers Health Secretary Robert F. Kennedy Jr. named to replace the CDC vaccine panel he abruptly dismissed this week are people who have spread misinformation and protested COVID-19 lockdowns. Here's the Latest: Attendees of the military parade in Washington this weekend will hear a familiar voice. Trump announced Thursday morning that Greenwood will be performing at the parade on Saturday, which marks the 250th anniversary of the U.S. Army and also happens to be the president's 79th birthday. Greenwood is the singer behind 'God Bless the USA,' which has been Trump's walk-on song at rallies for years. 'What a day it will be!!!' Trump wrote on his social media site. What to know about the 'No Kings' protests planned for Saturday The 'No Kings' protests are set to take place to counter what organizers say are Trump's plans to feed his ego this Saturday during a military parade on what is also Trump's 79th birthday. The 'No Kings' theme was orchestrated by the 50501 Movement, a national movement made up of everyday Americans who stand for democracy and against what they call the authoritarian actions of the Trump administration. The name 50501 stands for 50 states, 50 protests, one movement. Protests earlier this year have denounced Trump and billionaire adviser Elon Musk, the now former leader of Trump's Department of Government Efficiency, a government organization designed to slash federal spending. Protesters have called for Trump to be 'dethroned' as they compare his actions to that of a king and not a democratically elected president.

The number of Americans filing for jobless claims last week remains at the highest level in 8 months
The number of Americans filing for jobless claims last week remains at the highest level in 8 months

San Francisco Chronicle​

time9 minutes ago

  • San Francisco Chronicle​

The number of Americans filing for jobless claims last week remains at the highest level in 8 months

WASHINGTON (AP) — U.S. filings for jobless benefits were unchanged last week, remaining at the higher end of recent ranges as uncertainty over the impact of trade wars lingers. New applications for jobless benefits numbered 248,000 for the week ending June 7, the Labor Department said Thursday. Analysts had forecast 244,000 new applications. A week ago, there were 248,000 jobless claim applications, which was the most since early October and a sign that layoffs could be trending higher. Weekly applications for jobless benefits are considered representative of U.S. layoffs and have mostly bounced around a historically healthy range between 200,000 and 250,000 since COVID-19 throttled the economy five years ago, wiping out millions of jobs. In reporting their latest earnings, many companies have either trimmed their sales and profit expectations for 2025 or not issued guidance at all, often citing President Donald Trump's dizzying rollout of tariff announcements. Though Trump has paused or dialed down many of his tariff threats, concerns remain that a tariff-induced global economic slowdown could sabotage what's been a robust U.S. labor market. Federal Reserve Chair Jerome Powell has said the potential for both higher unemployment and inflation are elevated, an unusual combination that complicates the central bank's dual mandate of controlling prices and keeping unemployment low. Powell said that tariffs have dampened consumer and business sentiment. In early May, the Federal Reserve held its benchmark lending rate at 4.3% for the third straight meeting after cutting it three times at the end of last year. Last week, the Labor Department reported that U.S. employers slowed their hiring in May, but still added a solid 139,000 jobs despite uncertainty over Trump's trade wars. In a separate report last week, Labor reported that U.S. job openings rose unexpectedly in April, but other data suggested that Americans are less optimistic about the labor market. The report showed that the number of Americans quitting their jobs — a sign of confidence in their prospects — fell, while layoffs ticked higher. In another sign the job market has cooled from the hiring boom of 2021-2023, the government reported one job for every unemployed person. As recently as December 2022, there were two vacancies for every jobless American. The government has estimated that the U.S. economy shrank at a 0.2% annual pace in the first quarter of 2025, a slight upgrade from its first estimate. Growth was slowed by a surge in imports as companies in the U.S. tried to bring in foreign goods before Trump's massive tariffs went into effect. Trump is attempting to reshape the global economy by dramatically increasing import taxes to rejuvenate the U.S. manufacturing sector. The president has also tried to drastically downsize the federal government workforce, but many of those cuts are being challenged in the courts and Congress. On Wednesday, Google confirmed that it had offered buyouts to another swath of its workforce in a fresh round of cost-cutting ahead of a court decision that could order a breakup of its internet empire. Other companies that have announced job cuts this year include Procter & Gamble, Workday, Dow, CNN, Starbucks, Southwest Airlines, Microsoft and Facebook parent company Meta. The government's report on Thursday also showed that the four-week average of jobless claims, which evens out some of the weekly ups and downs during more volatile stretches, rose by 5,000 to 240,250. The total number of Americans receiving unemployment benefits for the week of May 31 jumped by 54,000 to 1.96 million, the most since November of 2021.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store