A hedge fund’s $8bn bet on Venezuela’s Citgo

The podcast explores Elliott Management's $8 billion bid for Citgo and the complex geopolitical factors complicating the deal. Citgo, Venezuela's most prized foreign asset and a symbolic "jewel in the crown," is caught between U.S. sanctions and Venezuelan opposition to the forced sale. Elliott's interest stems from their experience in the energy sector, expertise in navigating legal challenges, and history of confronting sovereign nations, as demonstrated in their battle with Argentina. Despite Elliott winning the auction, new political dynamics, including shifting U.S.-Venezuela relations under the Trump administration, introduce uncertainty, though Elliott's ties to the White House may prove advantageous. While Venezuela continues to fight the sale, the deal's ultimate fate remains uncertain, pending legal appeals and potential White House intervention.