SEC Moves to Dismiss Case Against Former Nikola CEO Milton

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 ...