Sen. Edward Markey (D-Mass.) has raised concerns about the actions of U.S. Energy Secretary Chris Wright and his alleged bias towards a nuclear power company, Oklo Inc. (NYSE:OKLO).
Markey Questions Wright's Oklo Ties Amid Plutonium Fuel Shift
Markey, in a letter to President Donald Trump, expressed apprehension regarding Wright’s conduct in relation to Oklo, a company he was previously associated with, reported Reuters.
Check out the current price of OKLO stock here.
Markey pointed to the administration's proposal permitting Oklo to build a nuclear waste reprocessing facility and utilize government-owned plutonium as fuel for upcoming reactors. He stated, “Oklo stands to benefit financially and Secretary Wright is acting in his former company’s interest.”
In response to Markey's concerns, the Energy Department told the publication that Wright resigned from Oklo's board upon taking office, complied with disclosure rules, and never owned Oklo stock.
Markey has requested that Trump address Wright’s involvement in decision-making and his financial ties to Oklo. The matter follows Trump's May directive to suspend much of the government's existing plutonium disposal program and repurpose the material as reactor fuel.
Oklo's Bold Nuclear Push Fuels Stock Market Rally
Oklo has been making significant strides in the nuclear energy sector. The company recently broke ground on its first Aurora reactor, marking a shift from design to construction and signaling its bold push toward commercial nuclear energy. This move has sparked mixed analyst sentiment, with Seaport Research Partners advising caution and Wedbush forecasting substantial upside.
The stock has been on a roll, hitting a new all-time high following a series of company-specific announcements and favorable market conditions. The surge in investor enthusiasm was further fueled by a recent nuclear energy agreement between the U.S. and the U.K., as well as Oklo’s plans for a new $1.68 billion advanced fuel recycling facility in Tennessee.
These developments have contributed to the overall surge in nuclear stocks, with the industry projected to be a $10 trillion market opportunity, according to a recent Bank of America report.
Benzinga Edge Stock Rankings shows that Oklo had a strong price trend over the short, medium and long term. Its momentum ranking score is also strong at 99.76%. Check the detailed report here.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
