Wealthy Australian businessman Andrew Forrest engaged in combative negotiations with oil behemoth ExxonMobil
In the big leagues of corporate America, Andrew "Twiggy" Forrest is gaining a reputation for stirring up trouble. Last year, the mineral tycoon-turned-green-warrior sued Meta for failing to prevent scams on its platforms, amplifying his long-running war with the tech giant. Now, he's in the crosshairs of ExxonMobil, accused of orchestrating "smear campaigns" for "publicity and personal gain."
While Forrest isn't a defendant in the defamation case, reports suggest he's mentioned more than 20 times, with the focus primarily on the Intergenerational Environmental Justice Fund (IEJF) and several California-based environmental groups. Maga-style conspiracies might have Exxon claiming Forrest aimed to topple the American oil and gas industry. Forrest's response? Bring it on. He's eager to have Exxon face cross-examination in court, claiming he's "personally delighted" by the lawsuit. With a net worth of around $16 billion, Forrest has the funds to give Exxon a run for its money.
A complex character, Forrest, 63, is a bundle of contradictions. Despite building his Fortescue company into a multi-billion-dollar enterprise, Forrest, born in Western Australia and raised on the Minderoo family property, has emerged as a prominent climate warrior. Descended from state royalty, his great-great-grandfather was among the founding parliamentarians of Western Australia.
Standing Firm against Trouble
Forrest first ventured into stockbroking in Sydney in the 1980s, but the outback's call was too strong. He turned his sights on Australia's mineral riches, buying his first mining venture, Anaconda Nickel, in 1993. His relationship with key shareholder Glencore was always tense, drifting into "open warfare" amid project delays and mounting debt. The ensuing "Anaconda squeeze" in 2001 forced Forrest to cede control, resulting in losses of around $1 billion, and shares plummeted by around 89% from their peak. Forrest retreated to Europe but returned with plans to sell iron ore to rapidly growing China, eventually gaining control of a junior explorer for just $8 million, changing its name to Fortescue Metals, and building his empire.
Green Hydrogen and a Renewable-Energy Future
In 2011, Forrest stepped down as CEO of Fortescue and, along with his wife, became the first Australian billionaires to pledge the majority of their wealth to charity. In addition to supporting green causes, they've dedicated efforts to children's education, Aboriginal employment, and advocating against human slavery. After a worldwide trip in 2020, Forrest's green ambitions reached a new phase. As he put it, "I felt a change in the global mood, a shift in belief that the impossible could be possible." He responded by pushing aggressively into green hydrogen at Fortescue and beefing up his renewable energy company, Squadron Energy. Forrest's ultimate goal is to transform Australia into a renewable-energy superpower. Whether he meets his goal or not, there's no denying he's not one to back down from a challenge.
In the realm of diversified businesses, Forrest's renewable energy initiative, Squadron Energy, expanded as he aimed to transform Australia into a renewable-energy superpower, venturing into green hydrogen production. On the other hand, his extensive involvement in the Intergenerational Environmental Justice Fund and environmental groups has attracted attention from the energy industry, specifically from ExxonMobil, who accused him of orchestrating smear campaigns for personal gain, a claim Forrest openly welcomed to face in court.
