{"id":2002621,"date":"2023-08-16T15:08:02","date_gmt":"2023-08-16T19:08:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/soros-firm-lost-up-to-105-million-on-now-bankrupt-green-energy-firm-boosted-by-biden\/"},"modified":"2023-08-16T15:11:44","modified_gmt":"2023-08-16T19:11:44","slug":"soros-firm-lost-up-to-105-million-on-now-bankrupt-green-energy-firm-boosted-by-biden","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/soros-firm-lost-up-to-105-million-on-now-bankrupt-green-energy-firm-boosted-by-biden\/","title":{"rendered":"Soros firm lost $105M on bankrupt green energy firm backed by Biden."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fsoros-firm-lost-up-to-105-million-on-now-bankrupt-green-energy-firm-boosted-by-biden%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2002621&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>The\u2063 Rise and Fall of Proterra: Soros Fund Management&#8217;s Costly Investment<\/h2>\n<p>The investment firm run by liberal billionaire George \u2063Soros was \u200ca\u2062 major investor \u200bin a now-bankrupt electric bus \u2062company that was heralded by \u2063the Biden administration as\u200c the future\u200d of green\u200b transit,\u200b and lost as much as\u200d $105 million in the\u2062 two years since the\u2063 company went public, according to a \u2062Daily Wire \u2064analysis.<\/p>\n<p>Soros Fund Management was one of the earliest investors\u200c in Proterra\u2064 \u2014 when the company went public in June 2021 the fund owned 7.75 million shares of the company, an investment \u2064worth over $132 million dollars, according to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/soros-firm-lost-up-to-105-million-on-now-bankrupt-green-energy-firm-boosted-by-biden\/\" title=\"Soros firm lost 5M on bankrupt green energy firm backed by Biden.\">legally required \u200dquarterly disclosures<\/a>. The stock price of the electric bus company has \u200bonly fallen since then, and while Soros initially bought an additional 220,000 shares of the company in the final quarter of 2021, he offloaded shares in every quarter since as \u200dnews of the company\u2019s shortcomings\u2063 spooked investors.<\/p>\n<p>An analysis \u200bof the firm\u2019s <a href=\"https:\/\/stockcircle.com\/portfolio\/george-soros\/ptra\/transactions\" target=\"_blank\" rel=\"noopener\">position \u200cin Proterra<\/a> \u200cbased on quarterly disclosures since \u2063June 2021 found that Soros \u200balready lost up to $105 million on Proterra entering the current quarter, during which the company <a href=\"https:\/\/www.reuters.com\/business\/autos-transportation\/ev-firm-proterra-files-chapter-11-bankruptcy-2023-08-07\/\" target=\"_blank\" rel=\"noopener\">filed Chapter 11 \u200bbankruptcy<\/a>. \u2064Even if the fund managed to sell\u2063 off stock at its highest price \u2063each quarter, it would have lost over $68 million, the analysis found.<\/p>\n<h3>A Promising Start and Political Support<\/h3>\n<p>The \u200cliberal billionaire and Democrat Party financier\u2019s bet on Proterra appeared promising in its early stage. The company received significant support from the Biden \u200dadministration, with the president taking a <a href=\"https:\/\/www.youtube.com\/watch?v=x-lCHaPSW7s&#038;t=906s\" target=\"_blank\" rel=\"noopener\">tour<\/a> of one of\u2064 Proterra\u2019s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/federal-government-launches-systemic-racism-probe-into-tesla\/\" title=\"Federal Government Launches Systemic Racism Probe Into Tesla\">electric battery facilities<\/a> in \u2064April 2021, and declaring that \u2063companies like\u200d Proterra were going to\u200d help the United \u200bStates \u201cown the future.\u201d The tour came\u200c in the wake of Biden\u2019s $1.9 trillion \u200dinfrastructure plan, \u2063which included a\u200c <a href=\"https:\/\/time.com\/6117544\/electric-school-buses\/\" target=\"_blank\" rel=\"noopener\">$5 billion allocation<\/a> towards electric school buses, one of Proterra\u2019s main products.<\/p>\n<p>The infrastructure plan wasn\u2019t \u2062the only piece of legislation that the company stood to \u200cgain from. \u200cProterra\u2019s Chief Legal Officer JoAnn Covington <a href=\"https:\/\/www.canarymedia.com\/articles\/electric-vehicles\/buckle-up-climate-law-to-turbocharge-sales-of-electric-trucks-and-buses\" target=\"_blank\" rel=\"noopener\">noted<\/a> that the Inflation Reduction Act would\u200d also benefit the company \u2062through \u200btax credits and new funding sources for electrical \u200dvehicle manufacturers. She also stated that the law will \u200b\u201dopen up\u200b opportunities to accelerate adoption of battery-electric and\u200b zero-emissions vehicles to all the other commercial\u2064 segments on the cusp of being electrified.\u201d<\/p>\n<p>Biden later\u2063 went on to <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2023\/02\/28\/president-biden-announces-key-appointments-to-boards-and-commissions-18\/\" target=\"_blank\" rel=\"noopener\">appoint<\/a> \u200cProterra CEO \u2064Gareth Joyce to the President\u2019s \u2062Export Council, which advises the \u2063President on international trade, in February 2023. But the ties between the administration \u2064and Proterra run even deeper.<\/p>\n<p>Department of Energy Secretary Jennifer Granholm previously sat on the board of Proterra \u200dand held up to $5\u2064 million in stock options\u200d in\u2062 the corporation, prompting U.S. Senator\u2064 John Barrasso (R-WY) to <a href=\"https:\/\/www.energy.senate.gov\/2021\/4\/barrasso-requests-inspector-general-review-of-secretary-granholm-s-investments-in-electric-bus-company\" target=\"_blank\" rel=\"noopener\">request a review<\/a> of a potential conflict of interest in a letter sent \u200dto \u200cthe Inspector General of the U.S. Department of\u200b Energy. She divested from her stake in the company in May 2021 amid the concerns \u2014 a financially fortunate\u200d turn of events given its complete collapse. \u2064Granholm is \u200cfacing calls from\u2062 conservative groups to <a href=\"https:\/\/www.washingtonexaminer.com\/news\/conservatives-resignation-jennifer-granholm-apparent-ethics-violations\" target=\"_blank\" rel=\"noopener\">resign<\/a> due to \u201cethical\u2063 lapses\u201d regarding the investment.<\/p>\n<p>Senator Ted Cruz (R-TX) compared the administration\u2019s \u200cpromotion of the company to the Obama administration\u2019s Solyndra scandal, and predicted that the company could turn out to\u2064 be an even \u201cworse\u201d investment.<\/p>\n<p>\u201cPresident Biden\u2019s decision\u200b to heavily promote a business where his <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/worse-than-solyndra-republicans-press-for-information-on-biden-admins-favorite-electric-battery-company\/\" title=\"\u2018Worse than Solyndra\u2019: Republicans Press for Information on Biden Admin\u2019s Favorite Electric Battery Company\">energy secretary holds<\/a> a multimillion-dollar stake has all \u2064the potential to be even worse than Solyndra,\u201d Cruz <a href=\"https:\/\/freebeacon.com\/biden-administration\/worse-than-solyndra-republicans-press-for-information-on-biden-admins-favorite-electric-battery-company\/\" target=\"_blank\" rel=\"noopener\">said<\/a> in April 2021.<\/p>\n<h3>A Troubled Journey and Shareholder\u200c Lawsuits<\/h3>\n<p>The company\u2019s collapse came as its buses failed to perform across\u200d the country. In Philadelphia, Pennsylvania, for example, <a href=\"https:\/\/freebeacon.com\/biden-administration\/report-philadelphias-proterra-fleet-in-complete-shambles\/\" target=\"_blank\" rel=\"noopener\">$24 million worth of\u2063 Proterra buses<\/a> were \u2062taken off the road \u2064after it was discovered that their electric \u2064batteries didn\u2019t provide enough power for the buses to complete their routes. The heavy batteries were \u2062also reportedly cracking the bus chassis, leading to safety concerns. \u200cAnother one of Philadelphia\u2019s Proterra buses <a href=\"https:\/\/www.inquirer.com\/transportation\/septa-proterra-electric-bus-battery-fire-philadelphia-20221111.html\" target=\"_blank\" rel=\"noopener\">caught\u200d on fire<\/a> in November 2022 \u2014\u200c fires have also occurred on\u200b the company\u2019s electric buses in <a href=\"https:\/\/www.ctinsider.com\/news\/article\/ct-ev-bus-fire-lithium-battery-ntsb-report-18206381.php\" target=\"_blank\" rel=\"noopener\">Connecticut<\/a>, and <a href=\"https:\/\/protectpublicstrust.org\/in-the-news\/report-bus-fire-causes-california-agency-to-consider-retiring-electric-buses\/\" target=\"_blank\" rel=\"noopener\">California<\/a>.<\/p>\n<p>It is unclear whether Soros\u2019 firm still owns any Proterra stock, which at the time \u2063of this writing is <a href=\"https:\/\/finance.yahoo.com\/quote\/PTRA\/\" target=\"_blank\" rel=\"noopener\">valued at just\u2062 8 cents \u200ba share<\/a>. The firm\u2019s <a href=\"https:\/\/whalewisdom.com\/filer\/soros-fund-management-llc#tabholdings_tab_link\" target=\"_blank\" rel=\"noopener\">most recent filing<\/a> shows that\u200b it still owned\u2063 2.3 million shares at the end \u2062of \u200cJune, when the company was trading at $1.20 a share. At its current price, the once-promising investment would be worth just about $200,000.<\/p>\n<p>Proterra\u200d is now facing mounting shareholder lawsuits, which <a href=\"https:\/\/www.wsj.com\/articles\/shareholder-alert-the-gross-law-firm-notifies-shareholders-of-proterra-inc-of-a-class-action-lawsuit-and-a-lead-plaintiff-deadline-of-september-12-2023-nasdaq-ptra-c79e8f15\" target=\"_blank\" rel=\"noopener\">allege<\/a> that the company \u201cmade false and\/or misleading statements and\/or failed to disclose\u201d \u2064financial information that affected share prices.<\/p>\n<p>Soros Fund Management did not respond to a request for comment.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>George Soros&#8217; investment firm, led by the liberal billionaire, suffered significant losses of up to $105 million in a bankrupt electric bus company. Despite being praised by the Biden administration as a green transit solution, the company&#8217;s downfall has raised questions about its viability. This analysis was conducted by the Daily Wire.<\/p>\n","protected":false},"author":503,"featured_media":2002622,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[],"class_list":["post-2002621","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2002621","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/503"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2002621"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2002621\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2002622"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2002621"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2002621"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2002621"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}