Lawless Planet – “The Green Tech Savior That Fooled Wall Street”
Podcast Host: Zach Goldbaum
Release Date: September 15, 2025

Overview

In this gripping episode of Lawless Planet, host Zach Goldbaum investigates the meteoric rise and catastrophic fall of Trevor Milton, charismatic founder of Nikola Corporation. Presented as a green tech visionary, Milton nearly convinced Wall Street, the trucking industry, and retail investors that his hydrogen-powered trucks would revolutionize transportation and save the planet. Instead, he masterminded one of the most audacious frauds in green technology, culminating in criminal charges, a dramatic trial, and, ultimately, a presidential pardon. Through interviews, archival audio, and sharp narration, the episode exposes how collective hopes for a climate savior can blind even seasoned investors to the warning signs of a sham.

Key Discussion Points and Insights

1. Trevor Milton’s Early Life & Business Roots

• Milton’s entrepreneurial spirit started early: selling candy at school, installing security alarms, and dabbling in e-commerce.
  • [07:55] Trevor calls himself, “a serial entrepreneur. I failed multiple times too, so I know what it’s like to actually build something from scratch and fail and then succeed.”
• Despite setbacks, each business was a step toward bigger ambitions.

2. The Nikola Hype Machine: Promises of a Green Revolution

• 2016 Unveiling: Nikola One’s dramatic debut aimed to wipe out diesel pollution with hydrogen-powered, zero-emission trucks.
  • [03:23] Trevor on hydrogen costs: “Imagine pulling up to a station... Instead of seeing $5 for a gallon of diesel, you see zero as a Nikola customer. And that’s what you get... a million miles of fuel included into that.”
• Milton paints himself as a world-changing inventor:
  • [01:33] “The electric light did not come from continuous improvements of candles.”
  • [03:54] “It wasn’t about improving on the candle. It was about totally redesigning what that meant and to become a flashlight.”
• Unlike Tesla, Nikola also promises to control fueling infrastructure, creating an integrated, emission-free system.
• Claims included:
  • 800 miles per tank (double current EVs)
  • 15-minute refueling
  • 364 hydrogen stations planned across the U.S.
  • Reservations from major brands (e.g., Anheuser-Busch)

3. The Illusion of Progress & The Badger Pickup

• Despite splashy events and videos, by late 2019, Nikola had not delivered a single truck.
• Pivots from hydrogen to revolutionary battery technologies (with little substance); acquisitions of shaky companies like Zap&Go for unproven battery tech.
• Talk of new vehicles (The Badger pickup) with features bordering on sci-fi (e.g., an onboard water tap).
  • [20:29] Trevor: “We take that water, we clean it, we put it into the windshield washer fluid... So you can have ice cold, clean water as you’re driving down the road.”
• Pre-orders opened for products without prototypes, spiking stock prices.

4. Wall Street and Retail Investors Buy the Dream

• Nikola’s 2020 public offering sees the stock price soar, with a $31 billion market cap—surpassing Ford and Chrysler, despite not shipping a single vehicle.
• Everyday investors, like truck driver Samuel Lowell and superfan Terry Allison, sink life savings into Nikola, drawn by Milton’s charm and frequent social media engagement.
  • [19:55] Trevor: “Why do we have so many people rallying behind us? Because we’re the only group that’s really thought out the entire process... There’s very little risk in our model.”

5. The Truth Begins to Unravel: Investigations and Whistleblowers

• Bloomberg reports begin highlighting inconsistencies: the 2016 Nikola One demo truck was (allegedly) a “pusher”—incapable of driving under its own power.
• Hindenburg Research’s Nate Anderson publishes a devastating report:
  • The famous video of a Nikola truck in motion simply showed the vehicle rolling downhill, not under its own power.
  • Internals revealed a prop vehicle—fake doors, interior tablets as “displays,” and a turbine that was removed for safety during filming.
  • Nikola had not delivered on hydrogen stations, next-gen batteries, or any vehicle—despite billions raised from investors.

6. The Fallout: Criminal Charges, Milton’s Downfall, and Investor Losses

• Following Hindenburg’s report, Nikola’s stock crashes, and Milton faces probes from the SEC & Department of Justice.
  • [27:23] Trevor: “Whenever someone says something like, ‘Oh, your truck is total fake,’ I instantly ran out to our vehicle, pulled it up, and drove that son of a bitch... 99% of [the accusations] are all lies.”
• Milton resigns within days, claiming to take the high road for the company’s sake, but timing aligns with criminal investigations and personal scandals.
• Ultimately, Milton is convicted of securities and wire fraud:
  • “The gist of the case against Trevor is everything about Nikola and all of its products was fake. The only real thing was the money it scammed from deceived customers.” [34:39] (Zach Goldbaum)
• Nikola’s only real revenue was a handful of solar panel installations.
• Retail investors submit victim statements; fortunes lost, trust shattered.

7. The Shocking Coda: Pardon and No Accountability

• In March 2025, while live-streaming on Instagram:
  • [36:16] Trevor (tearfully): “I just got a call from the President of the United States on my phone, and he signed my full and unconditional pardon.”
• Donald Trump, recently re-elected, wipes out Trevor’s conviction, penalties, and makes him a free man.
• Nikola files for bankruptcy; Milton eyes a comeback, unrepentant, blaming “deeply held optimism.”
  • [38:18] “The greatest comeback story in America is about to happen and I just wanted to tell you guys.” (Trevor Milton)

Notable Quotes & Memorable Moments (with Timestamps)

• [01:33] Trevor Milton: “The electric light did not come from continuous improvements of candles.”
• [02:57] Trevor Milton: “The only byproduct is water. So as this truck goes down the road, the only thing coming out... will be drips of water.”
• [05:01] Trevor Milton: “See the truck. Know it’s real. Touch it. Feel how sturdy it is... This is not a pusher.”
• [14:48] Trevor Milton: “I actually appreciate the critics... every time I prove them wrong, it drives them absolutely insane.”
• [20:29] Trevor Milton: “We take that water, we clean it... you can have ice cold, clean water as you’re driving down the road.”
• [23:59] Trevor Milton: “It’s going to be built at [GM’s] plant, engineered, validated, and tested with their team... And they’re going to be building our trucks... to save Nikola billions.”
• [27:23] Trevor Milton: “Never back down... Whenever someone says something like, ‘Oh, your truck is total fake,’ I instantly ran out to our vehicle, pulled it up, and drove that son of a bitch.”
• [34:39] Zach Goldbaum: “The gist of the case against Trevor is everything about Nikola and all of its products was fake. The only real thing... was the money it scammed from deceived customers.”
• [36:16] Trevor Milton: “I just got a call from the President... he signed my full and unconditional pardon.”
• [38:18] Trevor Milton: “The greatest comeback story in America is about to happen and I just wanted to tell you guys.”

Timestamps for Important Segments

| Timestamp | Segment | |------------|-----------------------------------------------------------| | 00:32 | Introduction to Nikola and the 2016 product unveiling | | 03:06 | The hydrogen promise and environmental claims | | 07:55 | Milton’s early entrepreneurial ventures | | 11:06 | Green tech hopes and challenges with hydrogen production | | 15:01 | The vaporware battery and company pivots | | 16:44 | Nikola’s IPO, hype, and Badger truck launch | | 19:55 | Retail investors fall under Trevor’s spell | | 21:42 | Truck “pusher” allegations surface | | 25:58 | Hindenburg Research involvement and the fraudulent video | | 27:18 | Milton’s social media defense after the Hindenburg report | | 31:33 | SEC/DOJ investigations and Milton’s resignation | | 34:39 | Trial, conviction, and the scope of fraud | | 36:06 | Trevor Milton’s presidential pardon, public reaction | | 38:18 | "Comeback" promises and reflections on accountability |

Main Takeaways

• Trevor Milton’s rise and fall is a case study in the dangers of hype, greed, and credulousness in both the tech world and investors desperate for a climate solution.
• False promises and careful staging created a facade that fooled even industry giants like General Motors.
• Retail investors suffered major losses, while Milton, after being convicted, ultimately escaped punishment by receiving a presidential pardon—highlighting failures in both financial and political accountability.
• The chase for a “green tech savior” left many burned and serves as a warning that wishing for miracles is no substitute for due diligence.

Tone and Language

The episode blends sharp investigative journalism with a satirical edge. Goldbaum’s narration is both skeptical and darkly humorous, often using Milton’s own words to underline the absurdity of the saga. Audio from Milton and real investors grounds the story in authentic voices, switching between earnest aspiration and bitter disillusionment.

For listeners and readers alike, this episode is a must-hear deep dive into how green technology, if driven by overhyped dreams and underpinned by fraud, can become the latest frontier for white-collar crime—leaving behind only broken promises and dashed hopes.