emptywheel (check) @emptywheel
Hoping all the farmers who are being devastated by Trump's financial tampering read about how @JDVance has investment interests in snapping up cheap farm land to sell to foreigners.
JD Vance Funded AcreTrader. Here's Why That Matters.
The real estate platform streamlines investing in US farmland. Now farms are fast becoming a portfolio staple for investors worldwide.
'AcreTrader's' current offerings include 83 acres of almond trees in the San Joaquin Valley, advertised as "an opportunity to invest in a water-secure almond orchard in the world's most productive almond-producing region." This property also boasts of senior water rights on the Kings River, suggesting that the land will continue to turn a profit long into the future -- a dream of farmers and investors alike.
Vance invested up to $65,000 in private investments in AcreTrader during his stint as a venture capitalist, according to his 2022 financial disclosure to the Senate ethics committee. The investment firm Narya Capital -- which Vance launched in 2020 with backing from PayPal co-founder Peter Thiel -- was a vehicle for these investments, and a key backer in early funding rounds of the farmland startup. And while Vance is no longer listed as a partner at Narya Capital, according to his 2023 financial disclosure, he appears to still be an investor in the firm -- or more technically, multiple legal entities with names including Narya.
"There's no indication that Vance has divested from AcreTrader, and there's every indication that that investment remains in place," said Lisa Graves, the executive director of True North Research, an investigative research group. She points to how Vance sold off his stock in "Narya Capital Management LLC" in 2023, but that's not the same as the (albeit similarly named) investment vehicles used to invest in AcreTrader.
Vance's large investment portfolio -- in AcreTrader and a slew of other opaque start-up companies -- raises questions about conflicts of interest and the mixing of venture capitalist and political pursuits. Vance's 2022 portfolio also included AppHarvest, the start-up company that promised to revolutionize farming and bring good jobs to eastern Kentucky, only to quickly implode.
read more: https://civileats.com/2024/09/18/jd-vance-invested-in-acretrader-heres-why-that-matters/