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In a Saturday morning military raid ordered by President Trump, US forces captured Venezuelan President Nicolás Maduro. After Maduro was apprehended and transported to New York to face criminal charges, Trump announced that the United States would “run” Venezuela for the indefinite future.
The extraordinary attack, which legal experts said violated US and international law, has set up a potential windfall for a prominent Trump-supporting billionaire, investor Paul Singer.
In 2024, Singer, an 81-year-old with a net worth of $6.7 billion, donated $5 million to Make America Great Again Inc., Trump’s Super PAC. He donated tens of millions more in the 2024 cycle to support Trump’s allies, including $37 million to support the election of Republicans to Congress. He also donated an undisclosed amount to fund Trump’s second transition.
This past June, when Trump sought funds to bankroll a primary challenger to Thomas Massie (R-KY), who had raised his ire by supporting the release of the Epstein Files, Singer contributed $1 million, the largest contribution.
Since Trump was first elected in 2016, Singer has met personally with Trump at least four times. “Paul just left and he’s given us his total support,” Trump declared after meeting with Singer at the White House in February 2017. “I want to thank Paul Singer for being here and for coming up to the office. He was a very strong opponent, and now he’s a very strong ally.” (Singer had initially supported Marco Rubio, who is now Trump’s Secretary of State.)
In November 2025, Singer acquired Citgo, the US-based subsidiary of Venezuela’s state-run oil company. Singer, through his private investment firm, Elliott Investment Management, bought Citgo for $5.9 billion. The sale to Amber Energy, a subsidiary of Elliott Investment Management, was forced by creditors of Venezuela after the country defaulted on its bond payments.
Elliott Investment Management is known as a “vulture” fund because it specializes in buying distressed assets at rock bottom prices. Citgo owns three major refineries on the Gulf Coast, 43 oil terminals, and a network of over 4,000 independently owned gas stations. By all accounts, Singer acquired these assets at a major discount.
Advisors to the court that oversaw the sale valued Citgo at $13 billion, while Venezuelan officials said the assets were worth as much as $18 billion. Maduro’s government had sought to appeal the court’s approval of Singer’s bid for Citgo. But now that Maduro has been ousted, it seems unlikely that appeal will continue.
Singer acquired Citgo at a bargain price in large part due to the embargo, with limited exceptions, on Venezuela oil imports to the United States. Citgo’s refiners are purpose-built to process heavy-grade Venezuelan “sour” crude. As a result, Citgo was forced to source oil from more expensive sources in Canada and Colombia. (Oil produced in the United States is generally light-grade.) This made Citgo’s operations far less profitable.
Trump has sought to justify military action against Venezuela as an effort to disrupt narcotics trafficking. But Venezuela produces no fentanyl and is a minor source of cocaine that reaches the United States. Trump also recently pardoned Juan Orlando Hernández, the former president of Honduras, who was convicted of drug trafficking.
Further, Trump has long made clear that he was interested in Venezuela for the oil. In remarks to the North Carolina Republican Party in 2023, Trump said that when he left office in 2021, Venezuela was “ready to collapse.” Trump said, had he remained in office, the US “would have taken [Venezuela] over” and “gotten all that oil.”
In remarks on Fox News Saturday, Trump made clear that one of the motivations for Saturday’s attack was to increase the production and export of Venezuelan oil. Venezuela has the largest proven reserves of crude oil in the world. Trump said that, moving forward, the US would be “very strongly involved“ with the Venezuelan oil industry.
Industry observers anticipate “a rapid rerouting of Venezuelan oil exports, re-establishing the US as the major buyer of the country’s volumes.” Jaime Brito, an oil analyst at OPIS, said access to Venezuelan oil imports “will be a game changer for US Gulf Coast…refiners in terms of profitability.”
If that happens, Paul Singer, thanks to a well-timed transaction, will be one of the largest beneficiaries.
This post has been syndicated from Mother Jones, where it was published under this address.