Peter Thiel's Thiel Macro bought about 1.2 million American depositary shares of Vista Energy, the Argentine oil producer, for roughly $76 million in the second quarter. The stake, disclosed in an Aug. 14 SEC filing, now ranks second in Thiel's portfolio at 18.1%, behind only Amazon.
The filing
Thiel Macro reported eight positions worth $418.7 million for Q2 2026. Vista Energy comes in at $75.9 million, a 18.1% slice. Amazon leads at 28.2%. Three power companies — Vistra, American Electric Power, and DTE Energy — together make up roughly 34% of the portfolio. That's a lot of utility exposure for a guy known for tech bets.
Why Vista
Vista drills in Vaca Muerta, a shale formation in Argentina with the world's second-largest shale gas reserves and fourth-largest shale oil reserves. Output hit 156,061 barrels of oil equivalent per day in Q2, a 16% rise from Q1. The company has committed more than $6.5 billion to Argentina and raised its production outlook in May. Shares are up 40% year-to-date.
Thiel and Milei
Thiel met President Javier Milei in Buenos Aires four months ago. They discussed economic policy and a shared dislike of wealth taxes. Thiel has also bought a mansion in an upscale Buenos Aires neighborhood. Argentina's inflation under Milei has been falling, but economists doubt the durability of the peso fix. Milei openly courts wealthy investors, and Thiel is clearly responding.
The pivot
This isn't Thiel's first move away from crypto. His Founders Fund exited an Ethereum treasury firm in February. Another Thiel-backed stock lost half its value in May after a Las Vegas debut. Capital that once chased digital assets has drifted toward commodities and equities through this downturn. The Vista purchase fits that pattern — a tangible asset in a country where the politics align with Thiel's views.
