Nikola founder Milton faces NY jury

Trevor Milton persuaded investors that his business was creating the next-generation vehicle.

Nikola was created in 2014 by Milton, 40, who grew the venture into a $34 billion company by June 2020.

Despite having no revenue at the time, the company's spectacular rise was supported by investors searching for the next Tesla Inc. amid the height of the SPAC mania.

The Milton trial involves the use of a conventional theory of securities and wire fraud.