Court Axes Trevor Milton Lawsuit, Awards Attorney’s Fees To CNBC And Hindenburg

A New Jersey appellate court on Monday threw out Trevor Milton’s lawsuit against CNBC and short-seller Hindenburg Research, ruling that the case was time-barred and improperly framed.

In a unanimous opinion, the Appellate Division held that Milton’s claims—styled as “trade libel”—were, in substance, ordinary defamation claims subject to New Jersey’s one-year statute of limitations. Because Milton filed suit well after that deadline, the court ordered the case dismissed with prejudice and directed the trial court to award attorneys’ fees and costs to the defendants under the state’s anti-SLAPP law.

The panel rejected Milton’s attempt to recharacterize his allegations as trade libel to avoid dismissal, concluding that the complained-of statements targeted Milton personally and concerned his credibility and conduct, not any product he sold. Since the underlying claim against CNBC failed, the court also dismissed Milton’s related allegation that Hindenburg aided and abetted the network’s reporting. At oral argument, Milton’s counsel conceded that the Hindenburg claim could not survive independently. The court emphasized that New Jersey’s Uniform Public Expression Protection Act exists to deter lawsuits aimed at punishing or chilling reporting on matters of public concern.

The lawsuit stemmed from CNBC coverage and Hindenburg Research reports in 2020 that scrutinized Milton and his electric-truck startup Nikola Corp. The reporting alleged that Milton had exaggerated Nikola’s technological capabilities, including claims about proprietary battery systems and a prototype truck that was later shown to have rolled downhill rather than driven under its own power.

Milton argued that the coverage destroyed his reputation and future business prospects, asserting that CNBC knowingly broadcast falsehoods and that Hindenburg coordinated with the network to amplify them.

Both defendants countered that their reporting was accurate, newsworthy, and protected speech. Lower courts initially dismissed portions of Milton’s complaint, and the Appellate Division’s decision effectively ends the case entirely, while opening the door for CNBC and Hindenburg to recover significant legal fees. The ruling marks one of the more forceful recent applications of New Jersey’s anti-SLAPP protections to high-profile media defendants.

The decision arrives as Milton continues efforts to rebuild his business career after his dramatic fall from Nikola, which he founded in 2014 and led until his resignation in the wake of the 2020 allegations. Since then, Milton has publicly promoted new entrepreneurial ventures and investments outside Nikola, positioning himself as an innovator once again despite ongoing controversy surrounding his past claims.

After Hindenburg Research published its September 2020 report, Nikola itself publicly acknowledged that several of Trevor Milton’s prior statements were inaccurate or misleading. The company admitted that a promotional video showing a Nikola One truck “in motion” had been filmed by rolling the vehicle downhill rather than driving it under its own power, contradicting earlier impressions that the truck was fully functional.

Nikola also walked back claims that it had developed proprietary battery technology in-house, conceding that it had relied on third-party suppliers rather than owning breakthrough battery innovations as Milton had suggested. In subsequent disclosures, Nikola stated that Milton had made statements about the company’s technology and readiness that were not always supported by facts, and it emphasized that those statements were not authorized by the company—an acknowledgment that helped cement the core factual basis of the scrutiny triggered by the Hindenburg report.

Milton was indicted by federal prosecutors in 2021 on wire fraud and securities fraud charges, went to trial in 2022, and was convicted for misleading investors about Nikola’s technology and readiness. He was later spared further punishment after receiving a presidential pardon by President Trump, which wiped out the conviction.

Hindenburg Research closed up its shop at the beginning of 2025, and Milton has since moved on to his new venture, SyberJet. You can read the NJ court’s opinion here.