EV maker Nikola founder giving personal shares worth $233m to first 50 employees

Arizona-based electric truck manufacturer Nikola Corp is reputed because of its zero-emission vehicle plans. Today, Nikola CEO Trevor Milton gave away 6 million personal shares of the company to the first 50 employees that joined. The current value of these shares is $233 million. 

Milton reportedly promised his first batch of employees that he would reward them for their faith in the company, and these shares are the promise fulfilled. He took to Twitter to announce this decision, saying “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.”

Nikola has ambitious plans to develop zero-emission trucks and is close to launching its first vehicle in 2021. The company saw a surge in its stock prices after a reverse-merger in June, thanks to investors ploughing hard for new EV companies. 

Milton said that he was looking for the best employees in the world when he was starting. “”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 put forth.

Early investors in Nikola see scrumptious benefits from the company. These investors include the Agnell Family’s CNH Industrial NV, ValueAct Capital Management, South Korea‘s Hanwha Group, and Worthington Metal Inc.