Trevor Milton, the 38-year-old founder of Nikola, became an instant multibillionaire Thursday with the company’s successful IPO.
Nikola, which makes electric- and hydrogen-powered trucks, saw its share price briefly top $37 after going public, giving Milton a net worth of nearly $5 billion based on his share ownership. The stock later settled back around $34, putting his net worth at about $4.6 billion. Before the IPO, his stake in Nikola had been valued at around $1 billion.
Milton’s newfound fortune is the latest vindication for the Utah-born college dropout, who founded Nikola at the age of 29 after talking to