Chloe Sorvino
Author of Raw Deal: Hidden Corruption, Corporate Greed and the Fight for the Future of Meat (Simon Element)
Staff Writer covering food & agriculture at Forbes
Steward at Forbes Union
- In the first hours since the world’s largest meatpacker began trading on the New York Stock Exchange under the ticker JBS, the stock had a slow start. But shares ended the day up 5%.
- During the first day of trading, shares rose around 3% before briefly falling past where the stock opened at $13.65 per share at around 2:30 p.m eastern. As of close of markets, the stock was back up and closed around 5% up and the market capitalization of JBS was over $31B
- And the billionaire sons of the founder, who guided the expansion of JBS beyond Brazil—and went to jail seven years ago after its American acquisition spree got ensnared in a massive corruption scandal involving 1,800 politicians in in their homeland—are now richer for it.
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View full threadAnd for behind-the-scenes of the bribery saga that led to the Batistas pleading guilty to charges of foreign corruption with the SEC in 2020, read my book Raw Deal: Hidden Corruption, Corporate Greed and the Fight for the Future of Meat: www.amazon.com/Raw-Deal-Hid...
- Earlier this today, the shareholders of the world’s largest meatpacker, JBS, took a vote today on if the company should be listed on the New York Stock Exchange. The business is owned nearly 50% by entities controlled by the billionaire brothers Joesley and Wesley Batista.
- For a decade, JBS has tried to list on the NYSE. But several attempts have been abandoned due to scandals involving the Batistas—including bribes to Brazilian meat inspectors, kickbacks to government financiers and illegal campaign contributions to 1,800 Brazilian politicians.
- The long-delayed SEC approval came just two days after it was revealed in a public filing that the largest donor to Trump's Inauguration fund was the JBS subsidiary, chicken processor Pilgrim’s Pride. The $5M donation was 5x larger than the checks given by Amazon, Meta and Uber.
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View full threadI’ve covered JBS and the scandals surrounding it for years. For more on what the listing means, read my latest Forbes feature: www.forbes.com/sites/chloes... And for the behind-the-scenes of the Batistas' bribery saga, read my book Raw Deal: www.amazon.com/Raw-Deal-Hid...
- Reposted by Chloe Sorvino"Despite A History Of Bribery And Corruption Among Top Shareholders, The World’s Largest Meatpacker Prepares To Go Public" @chloesorvino.bsky.social for @forbes.com
