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

Core Insights - Two fossil-fuel billionaires, Robert Pender and Michael Sabel, co-founders of Venture Global, purchased millions of shares shortly after a meeting with senior White House officials, which led to a key regulatory permit that benefited the company in Europe [1][3][4] Company Overview - Venture Global is a Virginia-based company that develops and operates liquefied natural gas (LNG) export terminals, co-chaired by Robert Pender and Michael Sabel [2] Political Connections - Sabel attended an event at Trump's Mar-a-Lago in April 2024, where he sought $1 billion in campaign donations from the fossil fuel industry in exchange for favorable legislation [3] - Venture Global was a significant donor to Trump's inauguration, contributing $1 million [3] Regulatory Changes - On his first day back in office, Trump issued an executive order that rolled back regulations to favor fossil fuel production, including LNG export licenses, while revoking existing climate and clean energy policies [4] IPO Details - Venture Global went public three days after Trump's inauguration, with an IPO that was initially valued at $58.2 billion, although shares opened nearly 4% below the asking price at just over $24 each [5][6] - The IPO was associated with the "Unleashing America Energy" executive order, and Sabel and Pender rang the opening bell at the New York Stock Exchange [5] Financial Performance - Despite the IPO being below the expected $110 billion valuation, Sabel and Pender each held a paper fortune of $24 billion, owning over 80% of the firm [6] Expansion Plans - On March 6, Venture Global announced an $18 billion expansion of its LNG export terminal in Plaquemines Parish, Louisiana [7] - The expansion event was attended by high-profile guests, including Trump's energy secretary and the Louisiana governor, indicating strong political ties [8]