From "Joesley Day" to Eletronuclear: How the Batista Brothers Bounced Back from Scandal and Expanded Their Empire in 2025
- Who Are the Batista Brothers, and How Did They Build Their Empire?
- What Was the "Joesley Day" Scandal?
- How Did They Engineer a Comeback?
- Why Nuclear Energy?
- What’s Next for J&F?
- FAQs: The Batista Brothers’ Rise, Fall, and Rebirth
The Batista brothers, Joesley and Wesley, have staged a remarkable comeback since the 2017 "Joesley Day" scandal, now expanding their empire into nuclear energy with the R$535 million acquisition of Eletrobras' stake in Eletronuclear. Their journey—from a small butcher shop in Goiás to a global conglomerate spanning eight sectors—is a testament to resilience, strategic pivots, and sheer ambition. This article dives into their rise, fall, and resurgence, backed by financial data and insider perspectives.
Who Are the Batista Brothers, and How Did They Build Their Empire?
Joesley and Wesley Batista inherited a business legacy that began in 1953 with their father, José Batista Sobrinho, who ran a modest butcher shop in rural Goiás. By the 1970s, the family rebranded as Friboi, focusing on slaughterhouses and meatpacking. The 1980s saw the brothers professionalize operations, but the real leap came in the 2000s with the acquisition of Argentina’s Swift Armour—marking their first major international expansion. By 2007, their company, JBS, went public with a R$1.6 billion IPO, becoming a global meat-processing giant. Today, J&F (their holding company) owns over 50 brands across energy, mining, finance, and more, operating in 20 countries.
What Was the "Joesley Day" Scandal?
In 2017, the Batistas’ empire nearly crumbled during Brazil’s Operation Car Wash. Joesley secretly recorded then-President Michel Temer allegedly endorsing hush-money payments to a corrupt politician. When the tapes went public on May 17—dubbed "Joesley Day"—Brazil’s stock market plunged 10%, triggering a circuit breaker. The brothers were arrested for insider trading, accused of dumping shares before the scandal broke. Though absolved by regulators in 2023, the fallout was brutal: reputational damage, legal battles, and a temporary exile from JBS’s leadership.
How Did They Engineer a Comeback?
Against all odds, the Batistas rebuilt. Leveraging a solid financial foundation and trusted executives, they quietly regained control. By 2024, they were back at JBS’s helm, and their net worth soared to R$25 billion (Forbes, 2025). Key to their resurgence: diversification. Their subsidiary Âmbar Energia now operates 50 energy assets, from hydroelectric plants to solar farms—and as of this week, nuclear power, via the Eletronuclear deal. "They turned crisis into opportunity," notes a BTCC market analyst. "Few could’ve predicted this pivot."
Why Nuclear Energy?
Eletronuclear, acquired for R$535 million, manages Brazil’s Angra dos Reis nuclear complex (Angra 1, 2, and the under-construction Angra 3). For Âmbar, this adds baseload power to its renewable-heavy portfolio. Critics question the timing—nuclear’s high costs and political sensitivities—but the Batistas bet on Brazil’s energy demand growth. "It’s a long game," says an industry insider. "They’re playing chess while others play checkers."
What’s Next for J&F?
With stakes in mining (LHG), fintech (PicPay), and now nuclear, the Batistas show no signs of slowing. Their playbook: acquire distressed assets, streamline operations, and scale globally. Risks remain—regulatory hurdles, market volatility—but their resilience is proven. As one rival grudgingly admits: "Love them or hate them, they’re unmatched at reinvention."
FAQs: The Batista Brothers’ Rise, Fall, and Rebirth
How rich are the Batista brothers in 2025?
Their net worth is estimated at R$25 billion, ranking 17th in Brazil (Forbes, 2025).
What companies do they own?
J&F’s portfolio includes JBS, Eldorado Brasil (cellulose), PicPay, Âmbar Energia, and Banco Original, among others.
Were they permanently banned from business after the scandal?
No. Though temporarily sidelined, they resumed leadership of JBS in 2024 after legal clearance.
