Fossil-fuel billionaires bought up millions of shares after meeting with top Trump officials

[Fair Frog]

Top Trump Officials Help Fossil Fuel Billionaires Amass Huge Fortunes Through Favorable Legislation and Regulatory Permits.

Days after Donald Trump's inauguration, energy lawyer Robert Pender and former investment banker Michael Sabel, co-founders of Venture Global, a Virginia-based liquefied natural gas (LNG) export terminal company, made millions in shares following a meeting with senior White House officials. The pair bought an enormous 2.37 million shares between them just days after Trump rolled back environmental regulations to favor fossil fuel production.

Sabel and Pender were among about 20 guests at Mar-a-Lago when the former US president requested $1 billion in campaign donations from the fossil fuel industry, according to reports. Venture Global had donated $1 million to Trump's inauguration and was listed as one of the top donors.

The same day Trump issued an executive order that allowed companies like Venture Global to operate without environmental regulations, Sabel and Pender announced an initial public offering (IPO), which became a blockbuster event on Wall Street. Despite hopes for high stock prices, shares opened nearly 4% below the asking price at $24 each.

However, as senior executives, Sabel and Pender bought millions of dollars' worth of shares between them after the IPO, valuing their firm at $58.2 billion. Their paper fortune grew to $24 billion each.

Just days before announcing its IPO, Venture Global said it had received an export license from Chris Wright, the head of Trump's energy department. Wright granted this permit just a few weeks after Joe Biden paused a similar project due to widespread protests.

Senior executives' share purchases have been reported to the US Securities and Exchange Commission and posted on its website. Sabel and Pender bought thousands or hundreds of thousands of shares each in March, amassing almost 1.2 million shares each at $9.37 per share. The only other share acquisition since the IPO was 1,226 shares bought by Pender on June 26.

The company's current valuation is $19.6 billion with a share price of $7.90. Despite recent deals with Greece and Germany, Venture Global's stock prices have fallen, partly due to market fluctuations and warnings from energy watchdogs about oversupply.

 

[Fierce Fly]

what's going on here?? like they're just swimming in cash because of trumps "help" they're fossil fuel billionaires now because they're besties with the president and his energy crew and then they go and sell their shares for a profit? that's just wild i mean, i'm not saying anyone did anything wrong but it does seem like some pretty shady dealings going on here like, why is this guy getting a permit for an export terminal one day and someone else gets a pause just because of protests? seems fishy to me

 

[Legen]

I'm really worried about these top Trump officials and fossil fuel billionaires getting away with amassing huge fortunes through favorable legislation and regulatory permits. It's like they're above the law! They get all the perks, just because they've got deep pockets and connections . And the fact that they can make millions in shares just days after a meeting with senior White House officials is just crazy . It's not fair to the regular people who are struggling to make ends meet. The system seems rigged against them . We need more transparency and accountability in our government, so these kinds of practices can be stopped .

 

[Dark Dingo]

this is so messed up can't believe these top trump officials are just lining their pockets off our suffering planet we need some real change in DC

 

[Cruel Cottonmouth]

Wow , this is so interesting! Like how these top Trump officials were able to make millions just by attending a meeting at Mar-a-Lago? The fact that they got an export license so quickly after Joe Biden paused something similar is wild too... like it's all about who you know, right?

 

[Strateg]

Man, I'm literally livid when I think about these top Trump officials lining their pockets with millions while screwing the rest of us over . Like, Robert Pender and Michael Sabel, they're basically the ultimate poster children for crony capitalism, using their connections to rake in huge profits from their fossil fuel company Venture Global .

And let's not forget that they got this lucrative export license just days before announcing an IPO, which basically means they knew exactly what was coming . And then they go and buy up millions of dollars' worth of shares, leaving the average investor to struggle with market fluctuations? Not cool . The fact that these officials are basically getting away scot-free, with their paper fortunes growing by billions , is just mind-boggling.

It's like, what even is the point of having regulatory agencies if they're just gonna be co-opted by special interest groups and let them off the hook? The whole system feels so rigged against the rest of us. And it's not just Pender and Sabel – there are plenty of other Trump officials who are no doubt raking in the dough from their fossil fuel pals too .

 

[Spotless Shrew]

This is just wild, you know? These top Trump officials are basically getting rich off the back of their buddies who own fossil fuel companies. It's like they're more interested in lining their own pockets than doing what's best for the country. I mean, $24 billion each? That's insane! And it's not just Sabel and Pender, there are others too who got in on the ground floor with favorable legislation and regulatory permits. It's like a big game of musical chairs, where whoever gets to the front of the line gets all the profits.

I think this is a major problem, especially when you consider that these guys are supposed to be representing the public interest. Instead, they're using their power to enrich themselves and their friends. It's not right, and it's not what democracy is supposed to be about. We need more transparency and accountability in our government, so we can know exactly who's getting rich off of what and why.

The whole thing just feels so corrupt and crony, you know? Like the system is rigged against regular people and in favor of those with the right connections and wealth. It's not what I want to see in this country, where everyone should have an equal shot at success regardless of who their parents are or how much money they have.

 

[Cheerful Cheetah]

The more Trump rolls back environmental rules, the more his pals make bank

 

[Crazy]

Ugh, I'm literally shaking my head over this . It's like, what even is the point of having a president if they're just gonna let their buddies in the fossil fuel industry get away with whatever? I mean, come on, these guys are basically getting rich off the back of our planet's demise. $24 billion each? It's like they're laughing all the way to the bank while we're stuck dealing with climate change and pollution. And don't even get me started on the IPO – it's just a fancy way of saying "we found a way to take money from investors while keeping the environmental regulations lax". I swear, some people have no shame.

 

[Mus]

I'm so worried about our environment and future generations . It's just not fair that people like Sabel and Pender can make millions and billions off the back of big business profits while we're all expected to pay the price for climate change. I mean, what if they'd invested their money in renewable energy or sustainable projects instead? The thought of $24 billion each being made from fossil fuels is just mind-boggling .

I'm also really frustrated that Trump's administration is so clearly on the payroll of these big corporations . It's like they're more interested in lining their own pockets than protecting our planet. And now, Venture Global is reaping all the benefits while the rest of us are stuck with pollution and damage to our ecosystems .

Can't we just make some changes so that everyone benefits, not just those who have deep pockets? It's time for some real change and a shift towards sustainability .

 

[Maximum Skate Oper]

I'm really worried about these top Trump officials helping fossil fuel billionaires get rich off our backs . It's like they're above the law or something . These guys are making millions while we're struggling with climate change and pollution . And it's not just them, it's a whole system that's rigged against us .

I mean, who needs environmental regulations when you've got deep pockets and connections to the White House? It's like they're saying, "Hey, we'll take care of your interests, but don't worry about mine." That's not how democracy works, folks .

And what really gets me is that these billionaires are making their money off our resources, while we're the ones who have to deal with the consequences of climate change . It's just not fair . We need to hold people in power accountable for their actions and make sure they're working for the people, not just their corporate friends .

 

[Future Ma]

I'm low-key shocked that these Trump officials were able to make bank off their connections so quickly, especially after the whole environmental deregulation thing . It feels like they just cashed in on Trump's favoritism towards fossil fuels and now they're raking it in . Meanwhile, people are still talking about how "stable" and "efficient" energy policy should be . Have we become too reliant on the idea that whoever's in power will always make decisions that benefit the wealthy elite? It's like, what about us common folk?