Two decades after its collapse, the Enron brand is making a surprising return, 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 the symbol of corporate fraud, the infamous Texas-based energy giant has seemingly risen from the ashes.
A polished website, vague announcements, and a press release promising to “solve the global energy crisis” have sparked speculation. The company has even hinted at launching a crypto initiative, according to trademark filings, which reference non-fungible tokens and “cryptocurrency exchange services.”
But behind the flashy branding lies an unexpected twist: this is not the same Enron that fell into disgrace 20 years ago. Instead, it appears to be a satirical rebranding crafted by the same team that created the viral “Birds Aren’t Real” conspiracy, which claims that birds are actually drones used by the U.S. government to spy on people.
On Dec. 2, coinciding with the anniversary of Enron’s bankruptcy filing, social media accounts under the Enron name began posting a series of announcements.
We're back. Can we talk? pic.twitter.com/9kt4g0Q84Z
— Enron (@Enron) December 2, 2024
The minute-long clip featured a mashup of corporate imagery: 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, though details remain unclear.
Stock photos, job listings, but there’s a catch
For a moment, it might even seem legit. The website showcases job listings, team profiles — though some of them appear to be stock photos —, and an online store selling branded hoodies, water bottles, and polo shirts at premium prices.
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The current “Enron Corporation,” far from being an energy powerhouse, is the brainchild of Connor Gaydos, co-creator of the satirical “Birds Aren’t Real” movement, which claims that birds are actually government drones used for surveillance. Gaydos, who incorporated the new entity in Delaware in February, appears to have purchased the Enron trademark for $275 in 2020.
The firm’s supposed job postings — like one for a nuclear systems engineer — are as tongue-in-cheek as its origins. However, the online store selling merchandise, including $118 hoodies emblazoned with “World’s Leading Company,” appears to be very real.
Hello from the past
Founded in 1985, Enron was deemed as an innovator in the energy industry before revelations of fraudulent accounting practices emerged. Executives had used creative bookkeeping to hide debt and inflate profits, duping investors while the company’s stock went from $90.75 at its peak to $0.26 at bankruptcy.
As a result, Enron filed for bankruptcy in December 2001, leaving thousands unemployed and wiping out billions in shareholder value. Its collapse was a turning point for corporate oversight, leading 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 chief executive Jeffrey Skilling was convicted of multiple charges, including securities fraud, and was eventually sentenced to 24 years in prison, of which he served 12 after multiple appeals. Kenneth Lay, the company’s founder, died of a heart attack before sentencing.
Enron filed for bankruptcy on Dec 2, 2001.and you guys are back again exactly 23 years later for another financial crime?
— Edison 👺 (@edison0xyz) December 2, 2024
Given this history, the idea of an Enron comeback — particularly one linked to crypto — raises concerns. Some view the rebranding as a crime, while others see it as a pointed critique of corporate culture and the financial industry’s tendency to reinvent itself. Some of its social media posts have already been flagged as misleading, and skeptics have suggested the venture could even be a crypto scam.
“More to share soon”
So, what exactly is the new Enron? According to the website’s terms of use, the information on the website “is First Amendment protected parody, represents performance art and is for entertainment purposes only.”
Adding to the mystique, Gaydos and his collaborator Peter McIndoe have remained silent. The media inquiries directed to the listed press contact at Stu Loeser & Co., a New York-based PR firm, have gone unanswered beyond vague promises of “more to share soon.”
In the meantime, the new Enron countdown clock ticks on, promising to reveal more info on Dec. 9, and its merchandise continues to sell. Whether the venture is a clever satire, an opportunistic hustle, or both, one thing is certain: the Enron name still has the power to captivate — and polarize.
Read more: Convicted Ex-Enron CEO Reportedly Mulls over Cryptocurrency Foray