A billionaire’s electric car company got millions of dollars under the coronavirus stimulus program meant to help struggling small businesses keep workers employed. Nikola Motor Company, founded and led by 38-year-old billionaire Trevor Milton, received $4.1 million from the Paycheck Protection Program, CNBC reports. The company was valued at $3 billion in a merger that’s near closing. A Nikola spokesperson told CNBC, “There’s a difference between a high valuation and having cash” and said Nikola Motor would use the PPP funding to keep employees on payroll. Milton purchased a $32.5 million ranch in Utah last year and said he plans to buy more properties soon.
