A federal jury in New York convicted Nikola Corp. founder Trevor Milton of securities fraud for what prosecutors said were his repeated lies about the development of the company’s zero-emissions trucks and technology. The guilty verdict caps the downfall of Milton, who founded Nikola NKLA, -1.29% in his basement in 2015 and took it public in 2020 at a valuation of $3.3 billion, when the company hadn’t sold a single truck. The company’s market valuation briefly exceeded that of industry giants such as Ford Motor Co. F, -0.85%

Source: Wall Street Journal October 15, 2022 07:38 UTC