"Nikola's decision to continue investing in the greater Phoenix area comes as the city touts itself as a magnet for tech and industrial companies.
This is a big deal,” Jesse Schneider, Nikola executive vice president of hydrogen, said. While the PPP funds were touted by the White House … Everything is on schedule. What we do know is Trevor Milton is a pathological liar, he kept stating shovels will hit the ground. News Corp is a network of leading companies in the worlds of diversified media, news, education, and information services.A BILLIONAIRE who bought a record-breaking ranch for $32.5million has received a $4million bailout through the Paycheck Protection Scheme.Trevor Milton's $3billion Nikola Motor Company received the multi-million dollar loan designed for small businesses.The cash injection comes as Milton set a Utah real estate record last year when he bought a ranch for $32.5million.The PPP is a fund that has been established by the Government to help small businesses struggling throughout the coronavirus pandemic.The loans were established to help small businesses pay bills and employees, but some multi-million dollar companies have been lined up for those funds.Nikola Motor Company, a rival of Tesla, has argued there is a "difference between high valuation and having cash" and said it needed the money to continue to pay its 300 employees.The firm makes electric hydrogen-fuel cell vehicles and trucks at its base in Phoenix, Arizona.Milton, 38, set up the company in 2014 and became a billionaire when he recently announced a deal to go public by merging with VectoIQ, which is a publicly-traded shell company.It valued Nikola at more than $3billion and made Milton a billionaire because of his stake in the firm.Milton said in March that Nikola received an $800million truck order from Anheuser-Busch.However, filings from the Securities and Exchange Commission show Nikola received $4.1million in PPP funds from JP Morgan Chase to keep paying is employees, CNBC reported.Nikola said in a statement: "There's a difference between a high valuation and having cash. … That's just what needs to change. The goal is safety and interoperability, so that anyone can fuel at our station. I want my generation to actually be ahead of the government, to say, 'You know what, we can innovate faster than the government forces us. '“ Visitors look at the Nikola Two cab.
It plans to break ground in nearby Coolidge in 2020 on over 400 acres and … “A truck is not just a way of transportation…it’s a business for people,” Nikola designer Erik Tuft said.Nikola claims to have 13,000 orders for the trucks, including 800 from Anheuser-Busch as part of its sustainability strategy. For further details of our complaints policy and to make a complaint please click Comments are subject to our community guidelines, which can be viewed Trevor Milton's $3billion Nikola Motor Company received $4million from a scheme designed for small businesses Milton paid $32.5million for this 2,670-acre property in Utah last year Shake Shack closed its doors as sales plummeted in March This is bringing the trucks, which are a huge polluter in our country. Zero-emission semitrucks that don’t operate on diesel but instead on hydrogen fuel cells were unveiled to the public for the first time at Nikola Motor’s “Nikola World 2019” event. "Nikola is a pre-revenue company with a lot of expenses and burn rate is high. Nikola Motor Company, founded and run by billionaire Trevor Milton, received $4.1 million in Paycheck Protection Program funds. "The statement follows Milton's property purchase last year called Riverbed Ranch, a 2,670-acre property that includes a 16,800-square-foot mansion along the Weber River and a helicopter pad.The PPP is designed to loan money to small businesses with 500 employees or less to tide them over during the economic downturn caused by coronavirus crisis.It is to help to avoid mass layoffs and to pay their bills and employees.Companies that use the money to avoid layoffs do not have to pay it back.However, there is a growing list of multi-million dollar public companies that have been lining up for the loan.The Government has set aside $349billion to help small businesses, but research from Morgan Stanley has showed that $243.4million has been used to at least 90 publicly traded companies - instead of at least 1,100 smaller businesses.Some public companies that have received money from the PPE include metal working giant DMC Global, which has a $405 million market value, biotech company Wave Life Sciences ($286million), biopharmaceutical company Mannkind ($273 million) and prefab home builder Legacy Housing ($229 million).Other companies have claimed the maximum $10million allowed including The company then decided to hand back the loan so the money can go businesses in greater need.The firm closed about half of its 120 locations worldwide, and furloughed or laid off more than 1,000 employees after sales fell 28.5 per cent in March as the But last week, the New York-based business raised about $150million from investors, CEO Randy Garutti and founder Danny Meyer said.Shake Shack said the SBA money it received could be reallocated to the independent restaurants "who need it most, (and) haven't gotten any assistance".Garutti and Meyer wrote: "If this act were written for small businesses, how is it possible that so many independent restaurants whose employees needed just as much help were unable to receive funding? The Nikola Tre was also on display that will roll out in the European market.