Trevor Milton sold a promise—a zero-emissions semi truck that could revolutionize the trucking industry. He also sold himself as the visionary founder capable of delivering on that promise. In this episode, we take you back to Trevor’s early years as an entrepreneur, and you’ll hear from some of the people who helped him build the businesses that came before Nikola.



Ben Foldy is the host of this season of Bad Bets. Bad Bets is a production of The Wall Street Journal. This season is produced with Jigsaw Productions, in collaboration with Story Force Entertainment.



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The Unraveling of Trevor Milton, Ep 1: “Hey, Buddy”

Bad Bets unravels big-business dramas that have had a big impact on our world. In Season 2, we delve into the story of Nikola founder Trevor Milton, who promised a future of zero-emission trucks but was taken down by a ragtag bunch of whistleblowers and short sellers. Season 2 is hosted by Ben Foldy.

Business

Investing

Careers

Management & Marketing

Business News

Shopping

News

True crime

Trevor Milton assembled a high-powered legal team to defend himself against federal fraud charges. At the same time, whistleblowers and Nikola executives were ready to testify against him. In our season finale, we go inside Milton’s trial and speak to some of the jurors who held his fate in their hands. Plus, we hear the revelations in a secret recording where Milton talks about his future. 

Ben Foldy is the host of this season of Bad Bets. Bad Bets is a production of The Wall Street Journal. This season is produced with Jigsaw Productions, in collaboration with Story Force Entertainment.
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The Unraveling of Trevor Milton, Ep 6: “The Truth and the Whole Truth"

As investors and General Motors bet on Trevor Milton’s vision, the short sellers at Hindenburg Research revealed that the company he founded, Nikola, wasn’t all that it seemed. The allegation that Nikola rolled its truck down a hill for a promotional video made Hindenburg’s report a sensation. In this episode, we’ll hear how Trevor Milton, investors and the U.S. government responded to the report—and how its authors ended up in a game of Spy vs. Spy with shadowy private investigators. 



Ben Foldy is the host of this season of Bad Bets. Bad Bets is a production of The Wall Street Journal. This season is produced with Jigsaw Productions, in collaboration with Story Force Entertainment.



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The Unraveling of Trevor Milton, Ep 5: “Trouble for Troublemakers”

After it began trading in 2020, Nikola was a hot stock—and Trevor Milton was a newly minted billionaire. But in the background, people from Trevor’s past were finding each other and sharing their experiences. In this episode, we talk to the unlikely group of whistleblowers and short sellers who teamed up to find the cracks in Nikola’s facade and expose them to the world. 



Ben Foldy is the host of this season of Bad Bets. Bad Bets is a production of The Wall Street Journal. This season is produced with Jigsaw Productions, in collaboration with Story Force Entertainment.



Learn more about your ad choices. Visit megaphone.fm/adchoices

The Unraveling of Trevor Milton, Ep 4: “Not Appointed Us to Wrath”

A jury has convicted Nikola founder Trevor Milton in his federal fraud trial. To better understand what led up to this moment, we hear from some of the engineers Nikola hired to help make Trevor’s idea of a zero-emissions semi truck a reality. In this episode, they tell us how Trevor’s statements about the Nikola One increasingly outpaced what they had actually managed to build. 



Ben Foldy is the host of this season of Bad Bets. Bad Bets is a production of The Wall Street Journal. This season is produced with Jigsaw Productions, in collaboration with Story Force Entertainment.



Learn more about your ad choices. Visit megaphone.fm/adchoices

The Unraveling of Trevor Milton, Ep 3: “Paul Echo Mango”

Trevor Milton had a knack for pitching people to invest in his ideas. He raised millions for his early business ventures by making big promises, often to inexperienced investors including friends and members of his church community. In this episode, we talk to some of these investors, who say they suffered life-changing financial losses as Trevor’s star continued to rise. 



Ben Foldy is the host of this season of Bad Bets. Bad Bets is a production of The Wall Street Journal. This season is produced with Jigsaw Productions, in collaboration with Story Force Entertainment.



Learn more about your ad choices. Visit megaphone.fm/adchoices

The Unraveling of Trevor Milton, Ep 1: “Hey, Buddy”

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