In 2022, Trevor Milton was convicted on three out of four counts, including securities fraud and wire fraud. These convictions were related to defrauding investors through misleading statements that led to significant financial losses after Nikola’s stock price rose following its 2020 SPAC merger. Milton’s actions resulted in a significant loss of investor trust and caused Nikola’s stock to plummet after the Hindenburg report was released, triggering the prosecution that lead to the conviction.