U.S. Senator Elizabeth Warren has formally requested Brazilian meatpacking giant JBS SA to clarify its $5 million contribution to the Trump-Vance Inaugural Committee and whether this donation influenced the Trump administration’s approval of JBS’s dual listing on the New York Stock Exchange (NYSE).
SEC Approval and Dual Listing: In April 2025, the U.S. Securities and Exchange Commission (SEC) approved JBS’s long-awaited plan to list its shares on the NYSE alongside its existing listing in Brazil, marking a major step for the world’s largest meatpacker. The shareholder vote on this dual listing is scheduled for May 23, 2025.
Largest Inaugural Donor: JBS’s $5 million donation to President Donald Trump’s January 2025 inauguration was the largest single corporate contribution to the event, raising questions about potential political influence.
Senator Warren’s Inquiry: Warren, a member of the Senate Banking Committee, asked whether JBS or its poultry subsidiary Pilgrim’s Pride engaged with Trump’s team regarding the donation or the NYSE listing approval. She cited ongoing Department of Justice civil investigations into Pilgrim’s Pride related to farmer payments and antitrust issues.
Concerns of Quid Pro Quo: Warren’s letter expressed serious concerns about a possible quid pro quo arrangement, given JBS’s significant donations and the Trump administration’s regulatory actions benefiting the company.
Environmental and Governance Criticism: Environmental groups have criticized the NYSE listing due to JBS’s links to Amazon deforestation and greenhouse gas emissions. The company also faces scrutiny over its dual-class share structure, which limits minority shareholder voting power.
Legal and Antitrust Settlements: JBS agreed in February 2024 to pay $83.5 million to settle antitrust claims involving price-fixing conspiracies with other meatpackers.
JBS has defended its dual listing proposal as a strategic move to increase global visibility, attract new investors, and strengthen its leadership in the food industry.
The company’s shareholders will vote on May 23 to approve the NYSE listing. If approved, shares could begin trading in the U.S. as early as June 2025.
JBS’s dual-class share structure, with Class B shares holding tenfold voting power over Class A shares, has drawn criticism for potentially diluting minority shareholder influence.
JBS has not publicly commented on Senator Warren’s letter as of now.
JBS’s NYSE listing represents a significant milestone for the company, which processes approximately 22% of the world’s beef and pork. Access to U.S. capital markets is expected to enhance its valuation and support global expansion plans, including recent investments in Asia.
However, the timing of the SEC’s approval, shortly after the revelation of JBS’s large donation to the Trump inaugural committee, has raised concerns among lawmakers and advocacy groups about corporate governance and regulatory fairness.
The shareholder vote outcome and ongoing investigations will be closely watched by investors, regulators, and environmental advocates.
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