The US Securities and Exchange Commission has moved to drop its case against the former head of Nikola Corp., the once-buzzy electric vehicle startup that has faced a stunning downfall.
The SEC alleged in 2021 that Trevor Miltonhad misled investors by touting a trail-blazing company when it was really an early-stage firm with yet-to-be-proven products. In an infamous video, a prototype vehicle seemed to move on its own power, when in fact it was just rolling down a hill.
A federal jury in 2022 found Milton guilty of falsifying key details about the development of Nikola’s products ...
