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Last week kicked off the fraud trial of Trevor Milton, founder and former CEO of electric-vehicle startup Nikola. The government alleges that he deceived retail investors about Nikola’s technology. He has pleaded not guilty, but the evidence from the government’s 49-page indictment will be hard to refute.
To take one example from the indictment, Mr. Milton in 2017 ordered an inoperable prototype of a hydrogen-fueled semi truck to be towed to the top of a hill to tape a promotional video. The brakes were then released, and the truck rolled down the hill. The truck’s door was taped during the shoot to keep it from falling off, and the batteries were removed to prevent it from catching fire.
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