Judd Legum @juddlegum.bsky.social‬

1. The military raid on Venezuela and ouster of Maduro will create a financial windfall for a Trump-supporting billionaire, investor Paul Singer.

2. In November 2025, Singer acquired Citgo, the U.S.-based subsidiary of Venezuela’s state-run oil company, for $5.9 billion. The sale was forced by creditors of Venezuela after the country defaulted on its bond payments.
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3. Citgo owns three major refineries on the Gulf Coast, 43 oil terminals and other assets. By all accounts, Singer acquired these assets at a major discount. Advisors to the court that oversaw the sale valued Citgo at $13 billion.

4. Singer acquired Citgo at a bargain price because of the embargo on Venezuelan oil imports to the United States. Citgo’s refiners are purpose-built to process heavy-grade Venezuelan “sour” crude. Citgo was forced to source oil from more expensive sources like Canada and Colombia.

5. Industry observers anticipate “a rapid rerouting of Venezuelan oil exports, re-establishing the U.S. as the major buyer of the country’s volumes.” Jaime Brito, an oil analyst, said access to Venezuelan oil imports “will be a game changer for U.S. Gulf Coast… refiners in terms of profitability.”
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6. Paul Singer, thanks to a well-timed transaction, will be one of the largest beneficiaries. In 2024, Singer donated $5 million to Make America Great Again Inc., Trump’s Super PAC.

7. Singer donated tens of millions more in the 2024 cycle to support Trump’s allies, including $37 million to support the election of Republicans to Congress. He also donated an undisclosed amount to fund Trump’s second transition.

8. This June, when Trump sought funds to bankroll a primary challenger to Thomas Massie (R-KY), who raised Trump’s ire by supporting the release of the Epstein Files, Singer contributed $1 million, the largest contribution.

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