Enron crypto initiative revival sparks curiosity, anger, concerns around parody project

Two decades after its collapse, the Enron brand is making a surprising comeback, this time dabbling in crypto and NFTs under a satirical rebranding.

Enron is back, but only if you believe birds aren’t real. Twenty-three years after Enron became a symbol of corporate fraud, the infamous Texas-based energy giant has seemingly risen from the ashes.

A flashy website, vague announcements and a press release promising to “solve the global energy crisis” fueled speculation. The company even hinted at launching a crypto venture, according to trademark filings that reference non-fungible tokens and “cryptocurrency exchange services.”

But behind the flashy branding lies an unexpected twist: This isn’t the same Enron that fell from grace 20 years ago. Instead, it appears to be a satirical rebranding by the same team that created the viral “Birds Aren’t Real” conspiracy, which claimed that birds are actually drones used by the US government to spy on people.

In the days that coincided with the anniversary of Enron’s bankruptcy filing on December 2, social media accounts named Enron began publishing a series of announcements.

The one-minute clip featured a mix of corporate visuals: city skylines, a ballerina, and people forming the Enron logo. The newly launched website promises a company reborn with a mission to tackle global energy challenges, but details remain unclear.

Stock photos, job postings but there’s a problem

It may even seem legal for a moment. The website includes job listings, team profiles (though some appear to be stock photos), and an online store that sells branded hoodies, water bottles, and polo shirts at high prices.

The current “Enron Corporation” is the brainchild of Connor Gaydos, co-creator of the satirical “Birds Aren’t Real” movement, which claims that far from being a power plant, birds are actually government drones used for surveillance. Gaydos, who incorporated the startup in Delaware in February, appears to have purchased the Enron trademark in 2020 for $275.

The firm’s so-called job postings (such as one for a nuclear systems engineer) are as tongue-in-cheek as their origins. But the online store, which sells items including $118 hoodies that say “World’s Leading Company” on them, looks pretty real.

hello from the past

Founded in 1985, Enron was considered an innovator in the energy industry before fraudulent accounting practices emerged. Executives used creative bookkeeping to hide debts and inflate profits, deceiving investors while the company’s shares rose from $90.75 at its peak to $0.26 at the time of bankruptcy.

As a result, Enron filed for bankruptcy in December 2001, putting thousands of people out of work and destroying billions of dollars in shareholder value. Its collapse was a turning point for corporate oversight and led to the Sarbanes-Oxley Act, a law designed to improve corporate accountability and prevent fraud by setting stricter rules for financial reporting and company audits.

Enron CEO Jeffrey Skilling was convicted of numerous charges, including securities fraud, and was eventually sentenced to 24 years in prison, 12 of which he served after multiple appeals. The company’s founder, Kenneth Lay, died of a heart attack before sentencing.

Enron filed for bankruptcy on December 2, 2001.

And you came back exactly 23 years later for another financial crime?

— Edison 👺 (@edison0xyz) December 2, 2024

Given this history, the idea of ​​Enron’s comeback, especially related to crypto, raises concerns. While some see the rebranding as a crime, others see it as a sharp critique of corporate culture and the financial industry’s tendency to reinvent itself. Some of the social media posts have already been flagged as misleading, and skeptics have suggested the attempt could even be a crypto scam.

“More will be shared soon”

So what exactly is the new Enron? According to the site’s terms of use, the information contained on the site is a “First Amendment protected parody, represents performance art, and is for entertainment purposes only.”

The silence of Gaydos and his collaborator Peter McIndoe further increases the mystery. Media questions directed to listed press contacts from Stu Loeser & Co., a New York-based public relations firm, remained unanswered, going beyond vague promises of “we’ll share more soon.”

Meanwhile, the new Enron countdown clock, which promised to release more information on December 9, continues ticking and its products continue to sell. Whether the venture was a clever satire, an opportunistic hustle, or both, one thing is certain: the Enron name still has the power to captivate and polarize people.