A newly minted publicly traded fossil fuel giant, Venture Global, has found itself in the spotlight due to its close ties with former President Donald Trump and his administration. The Virginia-based company, co-founded by Robert Pender and Michael Sabel, developed a lucrative business model centered around liquefied natural gas (LNG) export terminals.
Right after a meeting with top Trump officials, including Energy Secretary Chris Wright, these two billionaires saw an opportunity to buy up millions of shares in Venture Global. The move took place just three days after the company's initial public offering (IPO), which was touted as a "blockbuster" event by financial news outlets. However, the IPO failed to impress investors, with shares opening nearly 4% below the original asking price.
Despite this lukewarm reception, Sabel and Pender remained optimistic about their fortunes, as their share purchases were valued at a staggering $24 billion each. The two billionaires currently hold over 80% ownership of the company.
Their timing couldn't have been more strategic, coming on the heels of Trump's executive order that rolled back regulations to favor fossil fuel production, including LNG export licenses. Wright granted an export license to another Venture Global LNG project just days after their share-buying spree, which had sparked widespread protests from climate scientists and environmental groups.
Critics argue that Sabel and Pender's actions raise serious red flags due to the timing and amount invested in lobbying efforts on Capitol Hill. The company has spent a total of $1.67 million since 2024, with an additional $810,000 already spent this year alone. Critics see these efforts as attempts to influence policy in favor of the fossil fuel industry.
In response, Venture Global claims that they strictly adhere to all laws and regulations regarding their interactions with government officials and that there was no connection between their share purchases and any regulatory action. However, many remain unconvinced by this assertion.
As the company's fortunes continue to fluctuate in the global energy market, Sabel and Pender have managed to maintain a significant stake in Venture Global. Their combined shares are now worth almost $19 million, leaving them with considerable influence over the company's direction despite the recent downturn in its share price.
The ongoing debates surrounding climate change and energy policy underscore the complex web of interests at play here. While Sabel and Pender may view their business ventures as a means to build energy dominance for the United States, others see them as examples of how fossil fuel giants can exploit loopholes in the system to their advantage.
Right after a meeting with top Trump officials, including Energy Secretary Chris Wright, these two billionaires saw an opportunity to buy up millions of shares in Venture Global. The move took place just three days after the company's initial public offering (IPO), which was touted as a "blockbuster" event by financial news outlets. However, the IPO failed to impress investors, with shares opening nearly 4% below the original asking price.
Despite this lukewarm reception, Sabel and Pender remained optimistic about their fortunes, as their share purchases were valued at a staggering $24 billion each. The two billionaires currently hold over 80% ownership of the company.
Their timing couldn't have been more strategic, coming on the heels of Trump's executive order that rolled back regulations to favor fossil fuel production, including LNG export licenses. Wright granted an export license to another Venture Global LNG project just days after their share-buying spree, which had sparked widespread protests from climate scientists and environmental groups.
Critics argue that Sabel and Pender's actions raise serious red flags due to the timing and amount invested in lobbying efforts on Capitol Hill. The company has spent a total of $1.67 million since 2024, with an additional $810,000 already spent this year alone. Critics see these efforts as attempts to influence policy in favor of the fossil fuel industry.
In response, Venture Global claims that they strictly adhere to all laws and regulations regarding their interactions with government officials and that there was no connection between their share purchases and any regulatory action. However, many remain unconvinced by this assertion.
As the company's fortunes continue to fluctuate in the global energy market, Sabel and Pender have managed to maintain a significant stake in Venture Global. Their combined shares are now worth almost $19 million, leaving them with considerable influence over the company's direction despite the recent downturn in its share price.
The ongoing debates surrounding climate change and energy policy underscore the complex web of interests at play here. While Sabel and Pender may view their business ventures as a means to build energy dominance for the United States, others see them as examples of how fossil fuel giants can exploit loopholes in the system to their advantage.
I mean, they just happen to be all about buying up shares of Venture Global right after Trump's admin rolls back those climate change regulations? It's like, no coincidence or anything 
. And then they go on to spend a ton of money lobbying on Capitol Hill, just when their share prices are plummeting 
. It's so shady! 
I'm Team Climate Save all the way - we need to get our energy from renewable sources ASAP 
️. Those guys are just trying to make bank off the fossil fuel industry's dirty games 
. Can't trust them one bit 
they basically swooped up $24 billion worth of shares right after the IPO and now they own like 80% of the company 
that's crazy talk!
it's like they're trying to corner the market on fossil fuels while we're still stuck in a climate crisis 
and don't even get me started on the lobbying efforts 
I don't buy it when they say there's no link between their share purchases and policy changes...it just seems fishy to me 
anyone else feel like this is some kind of systemic corruption? 
It just doesn't add up. And those lobbying efforts they've been spending millions on? Total red flag 
.
. Not exactly the kind of energy dominance we should be striving for 
. Venture Global needs to step up their game (or lack thereof) if they want to gain back investors' trust 
.
did they really think they could just buy their way into influencing policy? 
.
. I'm all for entrepreneurship and capitalism, but when it comes down to it, we need to make sure that these massive corporations aren't just manipulating the system to suit their own interests 
.
.
i dunno... what do u think? should they be more transparent about their dealings w/ gov officials or are we just reading too much into it 
This whole thing is so shady 
! Venture Global's connection to Trump and his admin is no coincidence 
. They must have used their $$$ to grease some palms 
. Can't they see the damage they're causing to our planet?! 
they've been playing the game for years and Trump's admin was just the cherry on top 
it's like the company was just begging to get swooped up by Sabel and Pender. and yeah, their timing couldn't have been more perfect with that exec order rolling back regulations 
and I'm not buying it