Nikola (NKLA) founder breaks from Elon's mold, gives away $233M of his stock to 50 employees

August 27, 2020 8:35 AM EDT
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Trevor Milton, the founder and chairman of Nikola Corp. (NASDAQ: NKLA) will give away 6 million of his shares to the first 50 employees of his company. This amount of stocks is worth around $233 million in the current market.

“When I first started this company I was looking for the best employees in the world and it was a huge risk,” Milton said in a video message posted on his Instagram page.

“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 then wrote a similar message on Twitter, adding that the investing community will see a reduction in his stake. Each employee will receive a portion of shares worth around $4.66 million.

“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,” he wrote.

“It could be worth billions in the future if we do well,” Milton said in Wednesday’s announcement. “Who knows where it will go. But I am making good on my promise.”

Some market observers noted that Milton, with the move, broke away from the playbook of Tesla (NASDAQ: TSLA) CEO Elon Musk. Milton is often seen as emulating Musk.

Milton’s net worth is reported at $4.6 billion.

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