Blocking JBS’s IPO is a Non-Partisan, Clear-Cut Solution to Stop Corporate Giant from Further Harming American Consumers and Livelihoods
New York, NY (August 16, 2024) – Ban the Batistas today called on U.S. presidential candidates President Donald Trump and Vice President Kamala Harris to help millions of Americans fight the crisis of food inflation by promising to block JBS’s plans for an Initial Public Offering (IPO) on the New York Stock Exchange. Both candidates are highlighting the state of the U.S. economy this week, where the price of meat is a leading contributor driving food inflation and wrecking consumer livelihoods. JBS controls nearly 20% of the country’s beef, pork, and poultry processing, granting the corporate behemoth unbridled control of the prices facing consumers through its power over American farmers and ranchers, grocery stores, and restaurants.
President Trump gave remarks on sky-rocketing food prices at a campaign rally on Wednesday and press conference on Thursday, where the candidate stood next to a table of popular grocery items including meat products. Vice President Harris plans to announce her economic policy platform today, including an expected ban on price-gouging practices like those consistently displayed and evidenced across JBS’s track record.
“It is no secret that the prices Americans face at grocery stores must be reined in – and that JBS plays a major role when it comes to the staggering costs of meat,” said Katya Myagkova, Director of Communications for Ban the Batistas. “From prosecutors to presidential candidates, JBS is in crosshairs of U.S. leaders who are cracking down on their blatant greed and robbery of Americans from all walks of life. The Batista brothers’ dream of an IPO has turned into their worst nightmare, and we call on both candidates to do what is right and end their unchecked power in the U.S. economy by blocking their IPO.”
JBS, its subsidiaries, and criminal Batista brother owners are subjects of numerous investigations and lawsuits, having faced $240 million in judgements and settlements for price fixing and bid rigging in the last four years alone. As both President Trump and Vice President Harris work to assure voters of their plans to ease the pressures of food inflation, Ban the Batistas argues that blocking JBS’s IPO must be a key action, no matter who wins this November. It’s a clear-cut solution that surpasses political ideology – and will protect millions of Americans from the deceptive, manipulative, and illegal actions of JBS and its owners.
Americans continue to feel the pressures of food inflation and consider grocery bills a top concern, a consistent finding across numerous polls throughout the past months. Earlier this year, the U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing where experts testified to JBS’s role in damaging the agriculture industry through their corporate greed and anticompetitive practices – and passing the price onto consumers. Meanwhile, JBS touted strong profits on its Q2 earnings call this past Wednesday and reiterated plans to pursue an IPO despite calls from U.S. officials, economic experts, and advocacy groups to block these efforts.
About Ban the Batistas
Ban the Batistas is an advocacy group fighting to protect American farmers, ranchers, consumers, and investors from the risks of a U.S. stock listing by JBS S.A. and the unchecked power grab by its majority shareholders, brothers Joesley and Wesley Batista. Learn more at banthebatistas.com.
