New Delhi, August 27: Trevor Milton, the founder and chairman of Nikola Corp, will be giving the first 50 employees of the electric-truck startup 6 million of his own shares worth $233 million after making a promise when he hired them.
“When I first started this company I was looking for the best employees in the world and it was a huge risk,” Milton said. “The likelihood of us ever succeeding was like next to none and luckily I found an incredible group of employees that started with me from day one.” He’s said on Twitter that he has no plans to sell his own stock and he has approval from Nikola’s board to borrow against his stake to add to his position.
This is what Trevor Milton tweeted:
I love our employees. They make Nikola great & are the key to our success. I’m making good on my promise when I hired the first +- 50 employees – giving 6,000,000 of my personal shares to them. You’ll see a reduction in my holdings for this. They are not sold, but given.
— Trevor Milton (@nikolatrevor) August 26, 2020
According to a Bloomberg report, Nikola’s stock surged since it started trading on the Nasdaq via a reverse merger in early June, driven by investor appetite for electric-vehicle manufacturers, even as the company has yet to produce its first vehicle.
(The above story first appeared on Fool’s Corner on Aug 27, 2020 03:00 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website foolscorner.com).