Key points:

• Trevor Milton, founder of Nikola, has been pardoned by President Trump following a fraud conviction.
• Milton was sentenced to four years in prison after misleading investors about Nikola's electric truck technology.
• The pardon potentially negates hundreds of millions in restitution sought by prosecutors.

Trevor Milton, the founder and former CEO of the electric vehicle startup Nikola, was granted a full and unconditional pardon by President Donald Trump, following his conviction for fraud. The announcement comes after Milton had been sentenced to four years in prison for misrepresenting the company's technology, which resulted in significant losses for investors. In a video posted on social media, Milton expressed his gratitude, stating, "I just got a call from the president of the United States... Today I was issued a full and unconditional pardon by Donald Trump himself," as detailed by The Hill.

The conviction stemmed from allegations that Milton exaggerated Nikola's technological capabilities, including false claims about the functionality of prototypes and the development of innovative electric trucks. Federal prosecutors argued that Milton misled investors by asserting that Nikola had built its trucks from scratch, when in fact, it was utilizing parts from existing manufacturers, notably a model from General Motors, as Bloomberg reported.

Milton's legal troubles intensified when Nikola was forced to file for Chapter 11 bankruptcy protection earlier this year. The company, once valued at approximately $30 billion, faced a substantial financial downturn following Milton's resignation in 2020 amid allegations of fraud. Nikola's instability was exacerbated when a judge ordered Milton to pay $680 million in restitution to defrauded shareholders, a significant portion of which may now be affected by the recent pardon, as Los Angeles Times noted.

The pardon has raised eyebrows, especially since Milton and his wife had donated over $1.8 million to Trump's reelection campaign shortly before the November election. In response to inquiries about the pardon, Trump indicated that it was highly recommended by various advocates and suggested that Milton faced prosecution due to his support for the former president, further emphasizing that Milton "did nothing wrong" during his time at Nikola. An official from the White House confirmed the pardon, although no details were released on the official website yet, as reported by Business Insider.

With the pardon in place, Milton expressed a desire to focus on his family, stating, "I get to be with my wife now, I get to be with my family," hinting at a potential shift away from the electric vehicle sector, a field he once dominated.

For more details, visit CBS News.