Shares in this article
• Trevor Milton has assets of $ 4.6 billion
• Employees receive shares from Milton’s private holdings
• Promise redeemed to compensate employees for risk taken
Trevor Milton, who describes himself as a serial entrepreneur, wants his company Nikola Motors to become the “Tesla of trucks”. Instead of electromobility, however, the US company Nikola is using hydrogen as a fuel. With this idea, the founder was initially able to convince investors at the Nikola IPO, but the initial price gains have since decreased again. But that doesn’t make the founder and major shareholder Milton poor: According to Bloomberg’s Billionaire Index, a ranking of the 500 richest people in the world, he still has assets of $ 4.6 billion.
However, this number is likely to be corrected downwards soon, because the company founder wants to give away more than six million shares from his private ownership to his first 50 employees. The Nikola boss announced this on August 26 in a Twitter post and a press release. The shares are valued at more than $ 200 million and must be held by employees through at least December.
Nikola founder keeps promises
Company boss Milton estimated the company’s chances of success at the time when he and his first employees Nikola started out of his basement as “quite low”, as he admitted in the press release. The employees who accepted his job offer, according to the statement, risked their entire career on the basis of a long-term idea. So he promised those employees that one day he would take care of them. With the handover of more than six million shares to the employees from the very beginning, he wants to keep this promise.
Milton also states that he is eternally grateful to his first employee. “You helped me become who I am today,” said the Nikola boss.
No compensation for Milton
The value of the shares that the company boss hands over to his employees was around 233 million US dollars at the time of the press release. According to the company, Milton will not receive any compensation from the company for his generosity. The shares are blocked until November 30th, which means that employees must hold the shares until at least December and cannot sell them earlier. Milton himself will still own around 20 percent of the company’s shares despite the generous gift.
Finanzen.net editorial team
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Image sources: Isaac Sloan / NikolaMotor, Nikola