Trevor Milton , founder of the electric-truck makerNikola , has landed on theForbes 400 list for the first time.- His wealth is largely tied to the company's stock price, which has soared following deals with General Motors, Anheuser Busch, and more.
- He's spent some of that money on a lavish Utah ranch and donated millions of shares to early employees.
Trevor Milton, founder of electric-truck maker Nikola Motors, is the youngest newcomer on this year's Forbes 400 Billionaires List.
At $5.5 billion, the 38-year-old serial entrepreneur's worth is roughly five-times what the magazine estimated in April 2020, fueled by a soaring rise in his company's stock price.
Since going public in June (the first in a long line of reverse mergers in the industry) Nikola's market value has soared — leaving many analysts scratching their heads. But the company continues to find new catalysts for growth, adding an investment from General Motors to its list of deals that include companies like Anheuser Busch.
Milton is also one of the most public faces of the company, despite transitioning from the C-suite to a chairman role as part of the public listing. He remains the company's largest shareholder and was its only revenue-paying customer in the second-quarter, the company said.
Aside from funding Nikola's initial startup costs, Milton's also reportedly spent some of his riches on a 2,000-acre ranch in Utah. At $32.5 million, it was the most expensive home ever sold in the state, and features a nine-bedroom home overlooking a river. He's also donated millions of shares to the company's original employees.
—Trevor Milton (@nikolatrevor) September 9, 2020