By Mike Whitney, USA Today Editorial BoardA gas company’s chief executive, Peter Thiel, has called his company’s stock a “giant lie” and said he would never sell shares if he could avoid them.
The stock is up more than 1,200% over the past three years, and Thiel’s stock price has more than tripled over the same period.
The stock is now worth nearly $6 billion, up from less than $1 billion at the end of 2017.
The CEO of the world’s largest oil and gas producer, Chevron, and its chief financial officer, Peter Voser, have both said they would never hold a share of the company if they could avoid the stock.
The Chevron CEO has said he will not sell any shares of Chevron stock, even if he had to sell them all.
But the lie is not just a giant lie; it is a huge fraud, said John Kilduff, senior vice president at the National Association of Securities Dealers.
“The stock market is rigged.
It is designed to reflect the wishes of the few at the top, and those at the bottom, and not the needs of the many,” Kilduf said.
Chevrons stock price is “rigged in such a way that the top managers of the firm are the people who own the company,” he added.
Voser, the CEO, and the other Chevron executives who hold shares of the stock are not aware that they are holding shares that are not the actual shares that Chevron has on hand.
Voser and Voser’s wife have not sold their shares, and Vosel is not a director on Chevron’s board.
In a statement, Chevron said it is “very concerned” about the stock price of its stock.
“The shares of this company are highly speculative and should be viewed in light of Chevron’s ongoing investment strategy in clean energy technologies,” Chevron said.
Kilduff said the stock is “an incredibly large lie.” “
In the meantime, Chevron’s stock has surged in value and is a fantastic investment for our shareholders.”
Kilduff said the stock is “an incredibly large lie.”
The stock, he said, is “a gigantic fraud,” which is “not something that anyone can ever sell.”
He said he believes the lie “is not something you can ever buy, it is something you cannot sell.”
“Chevons stock is a giant, colossal lie,” Kalduff said.
Vosel, the chief financial, said he has not sold his shares.
“I will never sell the shares, so I won’t be selling them,” Vosell said in a statement.
Vosen has said that the company is “deeply committed to environmental stewardship.”
“The company’s core mission is to be a leader in developing and deploying sustainable, clean energy solutions that can serve our customers, protect the environment, and create jobs,” Vosen said in his statement.
“Chevy’s stockholders have a stake in our ability to meet our core mission.”
The lie has become a common practice among top executives and Wall Street analysts alike.
When asked to respond to Thiel’s comments, Voseller said, “I am disappointed in the comments made by Peter Thiel about Chevron.”
He added that Thiel “has said that we should be buying stock in the company.”