Bad Bets

Bad Bets

Bad Bets unravels big-business dramas that have had a big impact on our world. In Season 2, we delve into the story of Nikola founder Trevor Milton, who promised a future of zero-emission trucks but was taken down by a ragtag bunch of whistleblowers and short sellers. Season 2 is hosted by Ben Foldy.

RECENT EPISODES

11/11/2022 5:30:00 AM

The Unraveling of Trevor Milton, Ep 6: “The Truth and the Whole Truth"

Trevor Milton assembled a high-powered legal team to defend himself against federal fraud charges. At the same time, whistleblowers and Nikola executives were ready to testify against him. In our season finale, we go inside Milton’s trial and speak to some of the jurors who held his fate in their hands. Plus, we hear the revelations in a secret recording where Milton talks about his future. 


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.


Read transcript
11/4/2022 5:30:00 AM

The Unraveling of Trevor Milton, Ep 5: “Trouble for Troublemakers”

As investors and General Motors bet on Trevor Milton’s vision, the short sellers at Hindenburg Research revealed that the company he founded, Nikola, wasn’t all that it seemed. The allegation that Nikola rolled its truck down a hill for a promotional video made Hindenburg’s report a sensation. In this episode, we’ll hear how Trevor Milton, investors and the U.S. government responded to the report—and how its authors ended up in a game of Spy vs. Spy with shadowy private investigators. 


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.


Read transcript
10/28/2022 5:30:00 AM

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

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.


Read transcript
10/21/2022 5:30:00 AM

The Unraveling of Trevor Milton, Ep 3: “Paul Echo Mango”

A jury has convicted Nikola founder Trevor Milton in his federal fraud trial. To better understand what led up to this moment, we hear from some of the engineers Nikola hired to help make Trevor’s idea of a zero-emissions semi truck a reality. In this episode, they tell us how Trevor’s statements about the Nikola One increasingly outpaced what they had actually managed to build. 


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.


Read transcript
10/14/2022 5:30:00 AM

The Unraveling of Trevor Milton, Ep 2: “No Good Deed”

Trevor Milton had a knack for pitching people to invest in his ideas. He raised millions for his early business ventures by making big promises, often to inexperienced investors including friends and members of his church community. In this episode, we talk to some of these investors, who say they suffered life-changing financial losses as Trevor’s star continued to rise. 


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.


Read transcript
10/7/2022 5:30:00 AM

The Unraveling of Trevor Milton, Ep 1: “Hey, Buddy”

Trevor Milton sold a promise—a zero-emissions semi truck that could revolutionize the trucking industry. He also sold himself as the visionary founder capable of delivering on that promise. In this episode, we take you back to Trevor’s early years as an entrepreneur, and you’ll hear from some of the people who helped him build the businesses that came before Nikola.


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.


Read transcript
9/16/2022 5:30:00 AM

Introducing Bad Bets Season 2: The Unraveling of Trevor Milton

Bad Bets, a podcast series from The Wall Street Journal that unravels big-business dramas that have had a big impact on our world, is back for Season 2. This season, we delve into the story of Nikola founder Trevor Milton. He took his company Nikola to dizzying heights on the promise of a zero-emissions semi truck. At its peak, Nikola’s publicly traded stock was worth more than Ford—until a ragtag group of whistleblowers and short sellers revealed that Nikola and its truck wasn’t all that it seemed. This season on Bad Bets, Journal reporter Ben Foldy will tell the inside story of Trevor Milton’s rise and fall. You’ll hear exclusive interviews and recordings, and details from secret documents. And we’ll take you deep into Trevor Milton’s federal fraud trial, where he’s fighting the charges against him.

Read transcript
11/30/2021 6:00:00 AM

Enron, Ep 8: Vigilance and Skepticism

Enron was a giant, and its collapse was historic. The company's downfall disrupted energy markets, pushing other power companies into bankruptcy. It prompted hearings by nearly a dozen congressional committees, and it inspired major legislation-the Sarbanes-Oxley Act-to improve the conduct of corporations and their watchdogs. But were the changes enough to prevent a similar scandal? Could there be another Enron debacle looming?

Read transcript
11/23/2021 6:00:00 AM

Enron, Ep 7: The Trial

After years spent building its "lies and choices" case, the Department of Justice's Enron Task Force took Enron executives Ken Lay and Jeffrey Skilling to court. In this episode, the unprecedented trial that became something of a litmus test for all of corporate America. How much did Lay and Skilling know about the crimes that occurred at Enron, and when did they know it?

Read transcript
11/16/2021 6:00:00 AM

Enron, Ep 6: Lies and Choices

Enron CEO Ken Lay was practically the company's founding father. But when federal authorities began investigating Enron after its collapse, prosecutors had a hard time connecting Lay to anything illegal - and Lay himself insisted that he was innocent. Until: prosecutor John Hueston joined the team, two years into the investigation. In this episode, how the Enron Task Force built its case against Lay.

Read transcript
Looking for more episodes? Find them wherever you listen to podcasts.

SHARE THIS PODCAST

More WSJ Podcasts

Minute Briefing

The top business headlines from The Wall Street Journal, three times daily. Whether it’s the latest on overseas markets, economic news out of Washington or closing numbers from Wall Street, you'll be in the know in a flash.

What’s News

What's News brings you the headlines and business news that move markets and the world—twice every weekday. In 10-12 minutes, get caught up on the best Wall Street Journal scoops and exclusives, with insight and analysis from the award-winning reporters that broke the stories. Hosted by Annmarie Fertoli and Luke Vargas.

Tech News Briefing

Tech News Briefing is your guide to what people in tech are talking about. Every weekday, we’ll bring you breaking tech news and scoops from the pros at the Wall Street Journal, insight into new innovations and policy debates, tips from our personal tech team, and exclusive interviews with movers and shakers in the industry. Hosted by Zoe Thomas

Your Money Briefing

Your Money Briefing is your personal-finance and career checklist, with the news that affects your money and what you do with it. From spending and saving to investing and taxes, the Wall Street Journal’s finance reporters and experts break down complicated money questions every weekday to help you make better decisions about managing your money. Hosted by J.R. Whalen.

The Journal.

The most important stories, explained through the lens of business. A podcast about money, business and power. Hosted by Kate Linebaugh and Ryan Knutson, with Jessica Mendoza. The Journal is a co-production from Spotify and The Wall Street Journal.

Opinion: Potomac Watch

From the award-winning opinion pages of The Wall Street Journal, Paul Gigot, Kim Strassel, Bill McGurn and Kyle Peterson discuss the latest from Washington. Get critical perspective and the analysis you need on developments from the nation’s capital. Join them every weekday. Send your feedback to pwpodcast@wsj.com

Opinion: Free Expression

Based on his Wall Street Journal Opinion column "Free Expression," Editor-at-Large Gerry Baker speaks every week with some of the world's leading writers, influencers and thinkers about a variety of subjects. Baker will welcome his guests from the worlds of politics, philosophy, and culture for wide-ranging dialogues that will enlighten and fascinate listeners. Episodes will be released each week.

WSJ's Take On the Week

WSJ’s Take On the Week brings you the insights and analysis you need to get a leg up on the business and financial week to come. In less than 20 minutes, we cut through the noise to explain the major business and financial news that may move markets, all so you can make smarter investing decisions and take on the week with confidence. Episodes drop Sundays. Hosted by Dion Rabouin.

WSJ’s The Future of Everything

What will the future look like? The Future of Everything offers a kaleidoscope view of the nascent trends that will shape our world. In every episode, join our award-winning team on a new journey of discovery. We’ll take you beyond what’s already out there, and make you smarter about the scientific and technological breakthroughs on the horizon that could transform our lives for the better.

As We Work

Work smarter and advance in your career with the As We Work podcast. With actionable steps grounded in WSJ reporting, As We Work gives practical advice to help you improve your work life. Hear compelling conversations with everyday people, experts and WSJ reporters as we focus on the workplace topics that are top of mind and offer tips and tricks for handling the thorniest of situations.

PAID PROGRAM

The Future Is Cognitive

Say goodbye to data silos, data gaps, and one way information flows. Say hello to brand new revenue streams and more sustainable business models as data is shared across the value chain.

PAID PROGRAM

The Data Agenda

From major league sports to cutting-edge e-commerce, discover how Amazon Web Services is helping companies reinvent their business with data.

Secrets of Wealthy Women

Empower yourself financially. Successful women executives, workplace pioneers, self-made entrepreneurs, industry trendsetters and money-savvy experts reveal insights on how to get ahead, reach your goals, and achieve professional success. They join host Veronica Dagher every Wednesday.

PAID PROGRAM

UBS Business Unusual

How do you make sense of a business landscape—and a world—that's experiencing profound change? This podcast series focuses on the importance of using alternative data, powerful critical thinking and deep research to help corporate leaders and investors understand the economic picture. wsj.com/ubs-futureworld