Founder of electric truck maker Nikola lied to 'dupe innocent investors', US court hears

"On the backs of those innocent investors taken in by his lies, he became a billionaire virtually overnight."

Nikola has spent more than $20m on Mr Milton's legal defense so far, according to its public filings. File picture: iStock

Nikola founder Trevor Milton became a billionaire by lying to investors about the most important aspects of his low-emission vehicle company, a prosecutor told jurors as Mr Milton's fraud trial began on Tuesday.

Prosecutors have said Mr Milton sought to deceive investors about the electric and hydrogen-powered truck maker's technology starting in November 2019. He left the company in September 2020 after a report by short seller Hindenburg Research called the company a "fraud".