The Nikola Motor Company was a recently successful IPO. This should appeal to anyone who owns Stock in the business, but few are likely to be happier than Trevor Milton, the 38-year-old who founded the business almost a decade ago and is currently the CEO. Indeed, thanks in large part to its participation in the company, it is now the most recent multimillionaire in the world.
After the first day of trading, Trevor Milton was left with a net worth of $ 4.6 billion. Fast forward a week, it’s worth $ 10 billion.
While many of the founders of these companies are known to cash out after a big IPO, Milton told CNBC in a recent interview that he intends to stay on board. On the one hand, the conditions of his participation stipulate that he has not been able to sell his Nikola shares for at least one year. And on top of that, he says he has at least a five-year plan for where he wants Nikola to be in the near future:
“My number one goal right now is to execute this vision … It’s difficult. It will take a good five years.”
In some ways, Milton has a typical story for a successful entrepreneur. He dropped out of college after a year to focus on starting his own business. His first was a security system brand that he sold a few years after it was founded in 2003, and he was also behind an unsuccessful retail business before founding Nikola. In fact, in a video posted several months ago on Nikola’s official YouTube channel, Milton says that Nikola was the sixth company he founded. He also says that Nikola’s hydro trucks came from an idea he had when he was only six – you can take a look below:
Milton made the headlines earlier this year with his company when Nikola allegedly bought a $4 million Paycheque Protection Program ready despite the company’s high valuation at this stage. Milton said the loan was necessary to keep the business afloat until the IPO and that his business is essential “a small business” with relatively low cash reserves.
As of this writing (June 9, 2:30 p.m. PST), NKLA’s market capitalization was $ 28 billion. This makes it more valuable than Chipotle. Nikola has no income. Chipotle posted sales of $ 5.6 billion in 2019.