Tucker Carlson's latest podcast featuring Trevor Milton, the former Nikola Corp. NKLAQ CEO pardoned by President Donald Trump in March 2025, has ignited a firestorm of criticism.
What Happened: Billionaire investor Bill Ackman led the charge, slamming Carlson for platforming Milton, whom he labeled a "convicted corporate stock market fraudster," while endorsing the now-closed firm Hindenburg Research founder Nate Anderson's rebuttal to Carlson's podcast.
The controversy erupted after Carlson's July 23 interview, where Milton alleged that a Wall Street and FBI conspiracy destroyed his company over its hydrogen truck ambitions.
Quoting Anderson's detailed takedown, Ackman said, “@TuckerCarlson is now platforming a convicted corporate stock market fraudster.”
Anderson defended Hindenburg's 2020 report that exposed Milton's fraudulent claims, leading to his 2023 conviction and a four-year sentence—later commuted after a $900,000 Trump donation.
He highlighted several inaccuracies in Milton’s interview, such as the false claim that Hindenburg paid for inside information and exaggerated profit figures from their short position on Nikola.
Anderson also points out Milton’s omission of significant details, like his substantial donation to Trump before the 2024 election and allegations of sexual assault, which contextually undermine Milton’s narrative of victimization.
"Trevor Milton is a convicted fraudster held criminally responsible for the incineration of hundreds of millions of dollars," Anderson asserted, dismissing Milton's narrative as "bizarre and fantastical."
Why It Matters: Carlson's portrayal of short-sellers like Hindenburg as villains, suggesting their practices should be criminalized, drew ire. Anderson countered, "Short sellers play a critical role in the functioning of healthy markets," urging Carlson to "vet the people you welcome."
Ackman's stance, given his Trump support, adds intrigue; however, Anderson’s response underscores the importance of short-selling in financial markets, likening it to investigative journalism.
Anderson’s defense of Hindenburg’s work is supported by the firm’s track record, which includes exposing numerous frauds and leading to regulatory actions, as detailed on their website, reinforcing the credibility of their methods and findings.
Price Action: The SPDR S&P 500 ETF Trust SPY and Invesco QQQ Trust ETF QQQ, which track the S&P 500 index and Nasdaq 100 index, respectively, were slightly higher in premarket on Thursday. The SPY was up 0.041% at $634.47, while the QQQ advanced 0.27% to $565.34, according to Benzinga Pro data.
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Photo courtesy: Shutterstock/Maxim Elramsisy
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