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The Journal.

Introducing Bad Bets Season 2: The Unraveling of Trevor Milton

The Journal.

The Wall Street Journal

Business News, Daily News, News

4.25.8K Ratings

🗓️ 11 November 2022

⏱️ 39 minutes

🧾️ Download transcript

Summary

Bad Bets is WSJ’s podcast series that unravels big-business dramas that have had a big impact on our world. In season two, reporter Ben Foldy delves into the story of Nikola founder Trevor Milton, who promised a future of zero-emission trucks that could revolutionize the industry. At its peak, Nikola’s publicly traded stock was worth more than Ford Motor Co.’s—until a ragtag group of whistleblowers and short sellers revealed that Nikola and its truck weren’t all that they seemed. Find the entire series here: https://www.wsj.com/podcasts/bad-bets Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Hey, everybody, it's Ryan.

0:02.2

We'll be back with a new episode of The Journal on Monday.

0:05.4

But in the meantime, we wanted to share something with you that our colleagues here have been

0:09.0

working on for months.

0:10.5

It's a show called Bad Bets.

0:13.4

It's actually the second season of the show.

0:15.6

And in this season, reporter Ben Foldy, who you've heard on our show before, unpacks the

0:20.5

rags-to-richest story of Trevor Milton, who founded an electric truck company called

0:25.2

Nikola.

0:26.2

It's a pretty wild tale, and we wanted you to hear it.

0:30.0

And if you like it, be sure to check out the entire season.

0:33.4

All six episodes are available right now in the Bad Bets feed.

0:37.2

All right, here's Ben with episode one.

0:40.3

Oh, that thing is so awesome.

0:53.2

Oh, we've been waiting so long to show this to the world, even though ideas decide it's

1:00.0

hard to even contain my emotion about this.

1:03.9

I was watching this video recently sitting in a courtroom in Manhattan.

1:07.6

It was being presented as evidence in one of the biggest white collar fraud trials in

1:10.7

recent years.

1:12.6

The video is from 2016.

1:14.1

The man, Trevor Milton, he's young, fit, jowled up hair.

1:17.8

And the thing he's getting so emotional about in front of hundreds of people is a semi-truck.

...

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