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Bad Bets

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

Bad Bets

The Wall Street Journal

News, Business, True Crime

4.81.3K Ratings

🗓️ 28 October 2022

⏱️ 44 minutes

🧾️ Download transcript

Summary

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

Transcript

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0:00.0

People are living longer, so the career you expected to cap off at 40 years could last 60.

0:06.5

There are very few people who can work 40 years and save enough money to not work for another 30.

0:13.0

Get ready for a 60-year career with a special series on your money briefing from the Wall Street Journal, Wednesdays in September.

0:21.0

From the Wall Street Journal, this is Bad Betts. I'm Ben Fulti.

0:25.5

Over the last three episodes, we told you about how Trevor Milton went from dropping out of college

0:30.0

to becoming a startup founder whose net worth briefly put him among the richest people in America.

0:34.5

We told you how Trevor used Twitter and Instagram during his remarkable rise.

0:38.0

How it helped him promote Nicolas it was going public, and drive it to a valuation that, despite it not having brought a single truck to market,

0:44.5

was at one point worth more than Ford.

0:47.0

But there were some doubters in the crowd.

0:49.5

They'd often criticize Trevor online, where you spend a lot of time courting retail investors.

0:54.0

And sometimes, Trevor took the bait.

0:57.0

Here he is in a video, he posted on Instagram.

1:08.0

In the video, Trevor bends his head toward the camera to show the words emblazoned on his baseball head.

1:12.0

Trevor with trolls.

1:14.0

And then, he starts reading specific comments from the people he's calling trolls.

1:18.0

Like this one, from a person who doesn't seem to think much of Trevor's resume before Nicolas.

1:23.0

Indeed, Trevor, you are basically went to DeVri University and work, and have the work experience and resume of a babysitter.

1:30.0

In what university are you equipped to run a publicly traded company?

1:33.0

This will end very badly, ugly for you, and I feel for you.

1:36.0

I'm sorry, you may be a bad guy.

1:41.0

You know what, say here's the thing, you're right.

...

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