Best of Greed: Chasing Tesla

This episode of the American Greed podcast, presented by CNBC, delves into the story of Trevor Milton, the founder of Nikola Motors, and the allegations of fraud surrounding his company. The podcast traces Milton's background, from his early life in Kanab, Utah, to his rise as a charismatic entrepreneur and his eventual indictment on securities and wire fraud charges. It explores his initial business ventures, including St. George Security and Alarms and Upillar, before focusing on Nikola Motors and the claims Milton made about its technology, particularly regarding hydrogen fuel-celled semi-trucks. The podcast highlights the accusations that Milton misled investors by exaggerating Nikola's capabilities, including staging a video of a truck rolling down a hill and falsely claiming to produce hydrogen at a low cost. It also examines the role of whistleblowers and a short-selling firm, Hindenburg Research, in exposing the alleged fraud, as well as the impact on investors, some of whom lost significant amounts of money. The episode concludes with the aftermath of the scandal, including Milton's resignation, indictment, and the financial consequences for those involved.