Liberty Energy Stock Pops Following CEO’s Nomination To Trump’s Cabinet: Retail Buzz Grows
By Stocktwits Inc | First Published Nov 18, 2024, 10:55 PM ISTWright, known for his support of Trump and skepticism toward climate change initiatives, will also serve on Trump’s newly formed Council of National Energy.
Shares of Liberty Energy Inc. ($LBRT) surged over 5% in pre-market trading on Monday following the announcement that its CEO and Founder, Chris Wright, has been nominated by President-elect Donald Trump to serve as the U.S. Secretary of Energy.
The nomination, announced over the weekend, positions Wright to take on a key role in Trump’s administration, although his appointment is pending confirmation by the U.S. Senate.
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Liberty Energy stated that Wright will retain his current roles with the company until the Senate confirmation is complete.
If confirmed, the company plans to appoint director William Kimble as non-executive Chairman of the Board and promote Ron Gusek, currently President, to Chief Executive Officer.
Wright expressed gratitude for the nomination, stating, “Succession planning has been a priority of the Board. Having worked closely with both Bill and Ron, Liberty will be in the safest of hands upon my departure.”
Kimble has been with Liberty’s Board since its IPO in 2018, while Gusek, who joined in 2014, has served as the company’s President since 2016.
Liberty Energy, founded by Wright in 2016, focuses on onshore oil and gas well completions, specializing in hydraulic fracturing.
Wright, known for his support of Trump and skepticism toward climate change initiatives, will also serve on Trump’s newly formed Council of National Energy.
Trump has praised Wright as a “leading technologist and entrepreneur,” highlighting his diverse experience across nuclear, solar, geothermal, and oil & gas sectors.
Interestingly, Wright is also on the board of nuclear power startup Oklo ($OKLO), which is backed by OpenAI CEO Sam Altman and focuses on developing micro reactors.
Wright’s transition to a government role comes after he reportedly sold $728,000 worth of Liberty stock in early November, according to recent filings.
Despite these sales, he still holds 2.58 million shares, valued at approximately $43.6 million based on Friday’s closing price of $16.90 apiece, as per MarketWatch.
On Stocktwits, retail sentiment for LBRT turned sharply ‘bearish’ from ‘bullish’ overnight, with the ticker trending among the top 20 symbols on Monday morning.
Still, LBRT’s stock is down nearly 7% year-to-date.
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