Energy Secretary Granholm's fortuitously timed stock trade gets fresh attention

Doug P. | 2:04 PM on August 09, 2023

We'll lead things off here with some news that will sound very familiar: A government-backed "green energy" company has declared bankruptcy.

Proterra, $PTRA, has filed for Chapter 11 bankruptcy.
— unusual_whales (@unusual_whales) August 7, 2023

The company was a favorite of President Biden and his administration but even with that assistance "Bidenomics" seems to have been a bit too much to overcome:

President Biden frequently extolled an electric vehicle company — in which his energy secretary heavily invested — before it declared bankruptcy on Monday.
Bay Area-based electric bus and battery maker Proterra filed for Chapter 11, with CEO Gareth Joyce citing “various market and macroeconomic headwinds that have impacted our ability to efficiently scale.”
The EV firm, which sold more than 1,300 electric buses to public transit systems in the US and Canada, was valued at $1.6 billion when Biden, 80, took office in January 2021 — but closed with a market value of $362 million, according to Reuters.
In 2021, the president pledged more than $10 billion from his $1.9 trillion bipartisan infrastructure plan toward zero-emission transit and school bus programs.

This isn't a rarity, however:

Hmmmm. Sounds like Solyndra
— Julie H Wright✝️⭐️⭐️⭐️🥋 (@juliew38138) August 7, 2023

And MANY others.

It's always too bad when a company declares bankruptcy, but at least Energy Secretary Granholm got out at the right time.

This story from a couple of years ago is making the rounds again on news of the Proterra bankruptcy:

FLASHBACK: Joe Biden's Energy Secretary Jennifer Granholm cleared a $1.6 million profit when she sold her shares of Proterra. https://t.co/G1TsyYjcCs pic.twitter.com/reYfxFK3rD
— Steve Guest (@SteveGuest) August 7, 2023