Former energy company Enron holds its place in history as one of the largest accounting scandals in U.S. history. A social media account claiming to be the energy company is teasing a comeback on the 23rd anniversary of the company's bankruptcy.
What Happened: Anyone around the financial markets when Enron Corporation declared bankruptcy on Dec. 2, 2001, is likely skeptical to trust a revival of the former company or any company using the name Enron to launch a new business.
On Monday, a social media account on X of @enron teased the revival of the energy company with a one-minute video and the caption "We're back. Can we talk?"
The post on X has already been Community Noted with the caution that this could be "a crypto scam masquerading as bankrupted Enron Corporation."
The video declares the world is changing faster than ever and change is needed.
"In the modern world, we must accept that change is the only constant," the video declares.
The video features many images that appear like they could be created using artificial intelligence, followed by several individuals declaring "I am Enron" and the former company's logo being made by a series of people.
The X account for Enron, which has around 8,000 followers and has a date of May 2024 for joining the social media platform, also posted a tease of a cryptocurrency launch.
"To respond to the thousands of messages we've received: We do not have any token or coin (yet). Stay tuned, we are excited to show you more soon."
A website for Enron shares a countdown set at seven days and 21 hours. The website also features a press release that did not go out widely to any major news exchanges on Monday.
The news piece says Enron will solve the global energy crisis.
"With a bold new vision, Enron will leverage cutting-edge technology, human ingenuity, and the spirit of adaptation to address the critical challenges of energy sustainability, accessibility, and affordability."
"Enron" says decentralized technology will play a role in the new venture.
Why It's Important: In 2021, Enron's demise was the largest U.S. bankruptcy at the time with the company having $63.4 billion in assets.
Given the history of the company and name it seems highly unlikely that anyone would revive Enron for anything other than a potential cryptocurrency scam or to connect people to another venture.
Some on social media were quick to point out that they themselves or family members had previously been "rugged" by Enron, suggesting they lost money on the stock price falling, and now their children or themselves will get "rugged" by Enron again with a crypto token.
Others pointed out images on Enron's website sharing testimonials from "employees" are the same images found on Shutterstock and other photo services.
The Enron X account responded to one user with one of its few posts made Monday.
"Malik is a valued member of the Enron team and also has a successful modeling career which we support," the X account said of its team member listed as Malik on the website.
TechCrunch writer Sean O'Kane posted his take on the Enron video and comeback.
"This appears to be an (admittedly elaborate) bit by the Birds Aren't Real people to sell Enron-themed merch (and who knows what else), based on who owns the trademark," O'Kane tweeted.
A Reddit post from two years ago connects Enron trademarks to "The College Company," which is the owner of Birds Aren't Real.
Several recent trademark filings from the U.S. Patent and Trademark Office show terms like Enron Gold, Enron Power, Enron Energy, Enron Mobile and Enron Trading among items that could be used in the future.
With the countdown set for seven days, the public could find out more details soon, but caution should be used.
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Photo: Enron logo, Public Domain, via Wikimedia Commons
