Nikola Corp. founder Trevor Milton stuck to his promises and announced that he's giving 6 million of his personal shares to the first 50 workers that the company hired.
In his Instagram video this week, Milton said he was searching for the world's "best employees," which he thought wasn't easy when he first launched the electric-truck startup.
The chances of him and his executives of finding the right candidate were nearly impossible, Milton said, but fortunately, he discovered an "incredible group of staff" that joined him from day one.
As of Wednesday's close of trade, the 6 million shares that Milton will be giving away have a value of nearly $233 million. He owns more than 35 percent of Nikola's stock. In a tweet, Milton said if the company does well, the shares he promised to give away "could be worth billions" in the future. But not all will be happy with his gift as some of the first batch of workers have already left the company.
According to the Bloomberg Billionaire's Index, the 37-year old self-described entrepreneur – and high-school dropout – is valued at a little over $4.6 billion. Nikola Corp. first listed on the NASDAQ in June this year via reverse consolidation with blank check group VectorIQ Acquisition.
According to Milton, who is also chairman of Nikola, the share option grants of common stock will not decrease an existing shareholder ownership percentage and the company will not recompense the founder. Workers will be subject to a lock-up contract until Nov. 30 as part of the share distribution.
Nikola's focus is on sturdy cargo and hydrogen-driven battery vehicles. The Phoenix, Arizona-based group is trying to emulate competitor Tesla's refueling technology but with a network of hydrogen-charging hubs.
The company posted a net loss of 33 cents a share during the second quarter, compared with 6 cents a share in the same period in 2019. Nikola shares were down nearly 0.9 percent and closed at $39.31 on Thursday.
