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‘Are you crazy?’ ‘A little…’ Inside one obsessed U.S. Agent’s $50 million secret plot to capture Nicolás Maduro by turning his pilot against him

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The federal agent had a daring pitch for Nicolás Maduro’s chief pilot: All he had to do was surreptitiously divert the Venezuelan president’s plane to a place where U.S. authorities could nab the strongman.

In exchange, the agent told the pilot in a clandestine meeting, the aviator would be made a very rich man.

The conversation was tense, and the pilot left noncommittal, though he provided the agent, Edwin Lopez, with his cell number — a sign he might be interested in helping the U.S. government.

Over the next 16 months, even after retiring from his government job in July, Lopez kept at it, chatting with the pilot over an encrypted messaging app.

The untold, intrigue-filled saga of how Lopez tried to flip the pilot has all the elements of a Cold War spy thriller — luxury private jets, a secret meeting at an airport hangar, high-stakes diplomacy and the delicate wooing of a key Maduro lieutenant. There was even a final machination aimed at rattling the Venezuelan president about the pilot’s true loyalties.

More broadly, the scheme reveals the extent — and often slapdash fashion — to which the U.S. has for years sought to topple Maduro, who it blames for destroying the oil-rich nation’s democracy while providing a lifeline to drug traffickers, terrorist groups and communist-run Cuba.

Since returning to the White House, Donald Trump has taken an even harder line. This summer, the president has deployed thousands of troops, attack helicopters and warships to the Caribbean to attack fishing boats suspected of smuggling cocaine out of Venezuela. In 10 strikes, including a few in the eastern Pacific Ocean, the U.S. military has killed at least 43 people.

This month, Trump authorized the CIA to conduct covert actions inside Venezuela, and the U.S. government has also doubled the bounty for Maduro’s capture on federal narco-trafficking charges, a move that Lopez sought to leverage in a text message to the pilot.

“I’m still waiting for your answer,” Lopez wrote the pilot on Aug. 7, attaching a link to a Justice Department press release announcing the reward had risen to $50 million.

Details of the ultimately unsuccessful plan were drawn from interviews with three current and former U.S. officials, as well as one of Maduro’s opponents. All spoke on the condition of anonymity because they were either not authorized to discuss the effort or feared retribution for disclosing it. The Associated Press also reviewed — and authenticated — text exchanges between Lopez and the pilot.

Attempts to locate the pilot, Venezuelan Gen. Bitner Villegas, were not successful.

The U.S. Department of Homeland Security and the State Department did not comment. The Venezuelan government did not respond to a request for comment.

It started with a tip on Maduro’s planes

The plot was hatched when a tipster showed up at the U.S. Embassy in the Dominican Republic on April 24, 2024, when Joe Biden was president. The informant purported to have information about Maduro’s planes, according to three of the officials familiar with the matter.

Lopez, 50, was then an attaché at the embassy and agent for Homeland Security Investigations, a part of the Department of Homeland Security.

A wiry former U.S. Army Ranger from Puerto Rico, Lopez was leading the agency’s investigations into transnational criminal networks with a presence in the Caribbean, after a storied career taking down drug gangs, money launderers and fraudsters. His work dismantling an illicit money-changing operation in Miami even earned him a public rebuke in 2010 from Hugo Chávez, Maduro’s predecessor. The embassy assignment was to be his last before retirement.

The embassy was closed, although Lopez was still at his desk. He was handed a 3×5 index card with the tipster’s name and phone number. When he called, the tipster claimed that two planes used by Maduro were in the Dominican Republic undergoing costly repairs.

Lopez was intrigued: He knew that any maintenance was most likely a criminal violation under U.S. law because it would’ve involved the purchase of American parts, prohibited by sanctions on Venezuela. The planes were also subject to seizure – for violating those same sanctions.

Locating the aircraft was easy – they were housed in La Isabela executive airport in Santo Domingo. Tracing them to Maduro would take federal investigators months. As they built that case, they learned that the Venezuelan president had dispatched five pilots to the island to retrieve the multimillion-dollar jets – a Dassault Falcon 2000EX and Dassault Falcon 900EX.

A plan comes together

Lopez had an epiphany, according to the current and former officials familiar with the operation: What if he could persuade the pilot to fly Maduro to a place where the U.S. could arrest him?

Maduro had been indicted in 2020 on federal narco-terrorism charges accusing him of flooding the U.S. with cocaine.

The DHS agent secured permission from his superiors and Dominican authorities to question the pilots, overcoming the officials’ concerns about creating a diplomatic rift with Venezuela.

At the airport hangar, a short distance from the jet, Lopez and fellow agents asked each pilot to join them individually in a small conference room. There was no agenda, the agents said. They just wanted to talk.

The agents pretended not to know that the pilots spent their time jetting around Maduro and other top officials. They spoke to each airman for about an hour, saving their biggest target for last: Villegas, who the agents had determined was Maduro’s regular pilot.

Villegas was a member of the elite presidential honor guard and colonel in the Venezuelan air force. A former Venezuelan official who regularly traveled with the president described him as friendly, reserved and trusted by Maduro. The planes he flew were used to shuttle Maduro across the globe –- often to U.S. adversaries like Iran, Cuba and Russia. In a December 2023 video posted online by Maduro, Villegas can be seen holding up a radio in the cockpit as the president trades patriotic slogans with the pilot of a Russian Sukhoi fighter jet.

Lopez called Villegas into the room, and they bantered for a while about celebrities the pilot had shuttled around, his military service and the types of jets he was licensed to fly, according to two of the people familiar with the operation. After about 15 minutes, the pilot began to grow tense, and his legs started to shake.

The agent drilled in more sharply: Had the pilot ever flown Chávez or Maduro? Villegas at first tried to dodge the questions, but eventually admitted he had been a pilot for both leaders. Villegas showed the agents photos on his phone of him and the two presidents on various trips. He also provided details about Venezuelan military installations he had visited. Unbeknownst to Villegas, one of Lopez’s colleagues recorded the conversation on a cell phone.

As the conversation wrapped up, the two people said, Lopez made his pitch: In exchange for secretly ferrying Maduro into America’s hands, the pilot would become very rich and beloved by millions of his compatriots. The rendezvous could be of the pilot’s choosing: the Dominican Republic, Puerto Rico or the U.S. military base at Guantanamo Bay, Cuba.

Villegas didn’t tip his hand. Yet, before departing, he gave Lopez his cell number.

‘Treasure trove of intelligence’

Villegas and the other pilots returned to Venezuela without the aircraft, which they were told lacked the proper clearances.

Meanwhile, the U.S. government was assembling a federal forfeiture case to seize the jets. It seized one, registered in the European microstate of San Marino to a shell company from St. Vincent and the Grenadines, in September 2024.

It seized the other in February during the first overseas trip by Secretary of State Marco Rubio as the top U.S. diplomat.

At a press conference at the airport in the Dominican Republic, Lopez briefed the secretary in front of the press. Lopez told Rubio that the plane contained a “ treasure trove of intelligence,” including the names of Venezuelan air force officers and detailed information about its movements. Lopez affixed a seizure warrant to the jet.

Maduro’s government reacted angrily, releasing a statement that accused Rubio of “brazen theft.”

Even in retirement, Lopez kept going

As he assembled the forfeiture in concert with other federal agencies, Lopez focused on coaxing Villegas to join his plot.

The task would not be easy. Maduro had made it exceedingly costly for anyone who turns against him. Since taking office in 2013, he has brutally repressed protests, leading to scores of arrests, while jailing even once-powerful allies suspected of disloyalty.

Even so, Lopez plugged away. The pair texted on WhatsApp and Telegram about a dozen times. But the conversations seemed to go nowhere.

In July, Lopez retired. But he couldn’t let Villegas go. He sought guidance from the tight-knit community of exiled opposition leaders he got to know as a lawman. One described the former agent as obsessed with bringing Maduro to justice.

“He felt he had an unfinished mission to complete,” said an exiled member of Maduro’s opposition who spoke on the condition of anonymity over concerns about his safety. That commitment, he added, makes Lopez “more valuable to us than many of Maduro’s biggest opponents inside Venezuela.”

After the August text about the $50 million reward, Lopez sent another saying there was “still time left to be Venezuela’s hero and be on the right side of history.” But he did not hear back.

On Sept. 18, Lopez was watching the news of Trump’s buildup in the Caribbean when he saw a post on X by an anonymous plane spotter who had closely tracked the comings and goings of Maduro’s jetliners over the years, according to three of the people familiar with the matter. The user, @Arr3ch0, a play on Venezuelan slang for “furious,” posted a screenshot of a flight tracking map that showed a presidential Airbus making an odd loop after taking off from Caracas.

“Where are you heading?” wrote Lopez, using a new number.

“Who is this?” responded Villegas, either not recognizing the number or feigning ignorance.

When Lopez pressed about what they discussed in the Dominican Republic, Villegas grew combative, calling Lopez a “coward.”

“We Venezuelans are cut from a different cloth,” Villegas wrote. “The last thing we are is traitors.”

Lopez sent him a photo of them talking to each other on a red leather couch at the airplane hangar the previous year.

“Are you crazy?” Villegas replied.

“A little…,” wrote Lopez.

Two hours later, Lopez tried one last time, mentioning Villegas’ three children by name and a better future he said awaited them in the U.S.

“The window for a decision is closing,” Lopez wrote, shortly before Villegas blocked his number. “Soon it will be too late.”

Trying to rattle Maduro

Realizing that Villegas wasn’t going to join the plan, Lopez and others in the anti-Maduro movement decided to try to unnerve the Venezuelan leader, according to three of the people familiar with the operation.

The day after the testy WhatsApp exchange between Lopez and Villegas, Marshall Billingslea – a close ally of Venezuela’s opposition – took action. A former national security official in Republican administrations, Billingslea had for weeks been trolling Maduro. Now he brought Villegas into his cyberbullying.

“Feliz cumpleanos ‘General’ Bitner!” he wrote in a mocking birthday wish on X the day Villegas turned 48.

Billingslea included side-by-side photographs that would be sure to raise eyebrows. One was the same one that Lopez had shared with Villegas the day before over WhatsApp, except the agent had been cropped out of it. The other was an official air force photo with a gold star denoting his new rank affixed to the shoulder epaulet.

The X post was published at 3:01 p.m. — a minute before another sanctioned Airbus that Maduro has been known to fly took off from Caracas’ airport. Twenty minutes later, the plane unexpectedly returned to the airport.

The birthday wish, seen by almost 3 million people, sent shockwaves across Venezuelan social media, as Maduro’s opponents speculated the pilot had been ordered to return to face interrogation. Others wondered if he would be jailed. Nobody saw or heard from Villegas for days. Then, on Sept. 24, the pilot resurfaced, in an air force flight suit, on a widely followed TV show hosted by Interior Minister Diosdado Cabello.

Cabello laughed off any suggestion that Venezuela’s military could be bought. As he praised Villegas’ loyalty, calling him an “unfailing, kick-ass patriot, ” the pilot stood by silently, raising a clenched fist in a display of his loyalty.

—-

Contact AP’s global investigative team at Investigative@ap.org or https://www.ap.org/tips/

__

Associated Press writer Regina Garcia Cano contributed to this report from Caracas, Venezuela.



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Exclusive: Alphabet’s CapitalG names Jill Chase and Alex Nichols as general partners

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I love watching “Next Man Up” basketball, where the spotlight rotates unpredictably. One night it’s the bench guard dropping 30, the next it’s the role player posting a triple-double.

CapitalG’s Jill Chase—who captained her college basketball team at Williams College—says this logic actually applies to Alphabet’s growth firm. When I ask her what basketball team is most like CapitalG, she lists the WNBA’s Golden State Valkyries. 

“Everybody has a different skill set, and everybody is willing to drop anything to help each other win,” said Chase. “It’s a different person every night who wins the game. And I think that’s really consistent with the way CapitalG is building its culture.”

For the first time since the firm was started in 2013, it’s promoting two general partners, Chase and Alex Nichols, Fortune has exclusively learned. Chase, who joined CapitalG in 2020 specifically with a thesis around AI, has backed Abridge, Baseten, Canva, LangChain, Physical Intelligence, and Rippling. 

Nichols, meanwhile, joined CapitalG in 2018 as an associate and was promoted to partner just two years ago. He previously worked with managing partner Laela Sturdy on the firm’s investments in Duolingo, Stripe, and Whatnot, and recently led CapitalG’s investment in Zach Dell’s energy startup BasePower. At a moment where there’s mounting angst around data centers and what it will take to power them, Nichols has a surprising take on how AI will affect energy—that both batteries and solar are getting cheaper and better at something like Moore’s Law speed. Those twin cost curves, over time, should actually drive energy prices down

“I’m actually very optimistic about the future of energy prices,” he said. “You look at the history of energy consumption versus GDP. And cheap energy means more production, more income, and means a higher standard of living.”

At a moment when venture is perhaps more competitive than ever—and there are certainly some solo GPs out there making their mark—there’s an argument that as lines blur between disciplines in an AI-ified world, venture is by necessity a team sport.  

Sturdy—who’s been CapitalG’s managing partner since 2023 (and also captained her college basketball team)—and Chase both have clearly taken some learnings from their time on the court. Chase sees venture overall as becoming more team-oriented: “Historically, it used to be like ‘you made general partner, go out and win your deal.’ To me, that’s not the right way to be successful in venture ever.” 

Sturdy adds that in basketball, like venture, “We have to look at the scoreboard every once in a while, and you have to get back up when you get crushed… And, of course, coming together is better than playing alone.”

Term Sheet Podcast…This week, I spoke with Exelon CEO Calvin Butler. As resource-hungry data centers continue to sprout across the country, many are questioning whether the nation’s utility network can keep pace with such large-scale demand. Butler says it can. Listen and watch here.

See you tomorrow,

Allie Garfinkle
X:
@agarfinks
Email: alexandra.garfinkle@fortune.com
Submit a deal for the Term Sheet newsletter here.

Joey Abrams curated the deals section of today’s newsletter. Subscribe here.

VENTURE CAPITAL

humans&, a San Francisco-based AI lab, raised $480 million in seed funding. SV Angel and Georges Harik led the round and were joined by NVIDIA and others.

Emergent, a San Francisco-based platform designed for AI software creation, raised $70 million in Series B funding. Khosla Ventures and SoftBank led the round and were joined by Prosus, Lightspeed, Together, and Y Combinator.

Exciva, a Heidelberg, Germany-based developer of therapeutics designed for neuropsychiatric conditions, raised €51 million ($59 million) in Series B funding. Gimv and EQT Life Sciences led the round and were joined by Fountain Healthcare Partners, LifeArc Ventures, and others.

Pomelo, a Buenos Aires, Argentina-based payments infrastructure company, raised $55 million in Series C funding. Kaszek and Insight Partners led the round and were joined by Index Ventures, Adams Street Partners, S32, and others.

Cloover, a Berlin, Germany-based operating system designed for energy independence, raised $22 million in Series A funding. MMC Ventures and QED Investors led the round and were joined by Lowercarbon Capital, BNVT Capital, Bosch Ventures, and others.

Statusphere, a Winter Park, Fla.-based influencer marketing technology platform, raised $18 million in Series A funding. Volition Capital led the round and was joined by HearstLab, 1984 Ventures, and How Women Invest.

Dominion Dynamics, an Ottawa, Canada-based defense technology company, raised $21M CAD ($15.2M USD) in seed funding. Georgian led the round and was joined by Bessemer Venture Partners and British Columbia Investment Management Corporation.

Cosmos, a New York City-based image collection and discovery platform, raised $15 million in Series A funding. Shine Capital led the round and was joined by Matrix and others.

Mave, a Toronto, Canada-based real estate AI company, raised $5 million in seed funding from Staircase Ventures, Relay Ventures, N49P, and Alate Partners.

Stilla, a Stockholm, Sweden-based developer of an AI designed to accommodate entire teams, raised $5 million in pre-seed funding. General Catalyst led the round and was joined by others.

Asymmetric Security, a London, U.K. and San Francisco-based cyber forensics company, raised $4.2 million in pre-seed funding. Susa Ventures led the round and was joined by Halcyon Ventures, Overlook Ventures, and angel investors.

PRIVATE EQUITY

ConnectWise, backed by Thoma Bravo, acquired zofiQ, a Toronto, Ontario-based agentic AI technology company designed to automate high-service desk operations. Financial terms were not disclosed. 

Grant Avenue Capital acquired 21st Century Healthcare, a Tempe, Ariz.-based vitamins, minerals, and supplements company. Financial terms were not disclosed.

Highlander Partners acquired Tapatio, a Vernon, Calif.-based hot sauce brand. Financial terms were not disclosed. 

Platinum Equity acquired Czarnowski Collective, a Chicago, Ill.-based exhibit and events company. Financial terms were not disclosed.

United Building Solutions, backed by AE Industrial, acquired DFW Mechanical Group, a Wylie, Texas-based HVAC solutions company. Financial terms were not disclosed.

IPOS

PicPay, a Sao Paolo, Brazil-based digital bank, now plans to raise up to $435.1 million in an offering of 22.9 million shares priced between $16 and $19 on the Nasdaq. The company posted $1.7 billion in revenue for the year ended September 30. J&F International and Banco Original back the company.

Ethos Technologies, a San Francisco-based online life insurance provider, plans to raise up to $210 million in an offering of 10.5 million shares priced between $18 and $20. The company posted $344 million in revenue for the year ended Sept. 30. General Catalyst, Heroic Ventures, Eric Lantz, and others back the company.

FUNDS + FUNDS OF FUNDS

Blueprint Equity, a La Jolla, Calif.-based growth equity firm, raised $333 million for its third fund focused on enterprise software, business-to-business, and tech-enabled services companies.

PEOPLE

Area 15 Ventures, a Castle Pine, Colo.-based venture capital firm, promoted Adam Contos to managing partner.

Bull City Venture Partners, a Durham, N.C.-based venture capital firm, hired Carly Connell as a principal.

Harvest Partners, a New York City-based private equity firm, promoted Lucas Rodgers to partner, Matthew Bruckmann and Ian Singleton to principal, and Connor Scro to vice president on the private equity team. 

Wingman Growth Partners, a Greenwich, Conn.-based private equity firm, hired Cheri Reeve as CFO. She previously served as principal and CFO at Atlas Holdings.



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Davos 2026: reading the signals, not the headlines

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Davos 2026: reading the signals, not the headlines | Fortune

Louisa Loran advises boards and leadership teams on transformation and long-term value creation and currently serves on the boards of Copenhagen Business School and CataCap Private Equity. At Google, Louisa launched a billion-dollar supply chain solutions business, doubled growth in a global industry vertical, and led strategic business transformation for the company’s largest customers in EMEA—working at the forefront of AI, data, and platform innovation. At Maersk, she co-authored the strategy that redefined the brand globally and doubled its share price, helping pivot the company from traditional shipping to integrated logistics. Her career began in the luxury and FMCG space with Moët Hennessy and Diageo, where she built iconic brands and led innovation at the intersection of heritage and digital transformation.



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Hotels allege predatory pricing, forced exclusivity in Trip.com antitrust probe

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China’s hotels are welcoming record numbers of travelers, yet room rates are sinking—a paradox many operators blame on Trip.com Group Ltd.

For Gary Huang, running a five-room homestay in the scenic Huzhou hills near Shanghai was supposed to secure his family’s financial future. Instead, he and other hoteliers in China’s southeastern Zhejiang province say nightly rates have fallen to levels last seen more than a decade ago, as Trip.com’s frequent discount campaigns force them to cut prices simply to remain visible on China’s dominant booking platform.

“The promotion campaigns now are almost a daily routine,” said Huang, who asked to use his self-given English name out of concern of speaking out against Trip.com. “We have to constantly cut prices at least 15% to attract travelers. We have no choice but to go along with the price cuts.”

Trip.com has been central to China’s post-pandemic travel rebound, connecting millions of travelers with small operators like Huang. But for many hotels, visibility—and sometimes survival—comes at the expense of profits.

That dynamic is now at the heart of Beijing’s antitrust probe. Regulators allege Trip.com is abusing its market position, with analysts citing deflation across the sector as the government’s main concern. Interviews with lodging operators, industry groups and travel consultants describe a system where constant price-cutting and opaque policies are eroding profitability, even as demand rebounds.

Trip.com has said it’s cooperating with the government’s investigation. The company’s stock dove more 16% since the probe was announced a week ago. 

Revenue per room—a key hotel metric—was flat across China in 2025, even as other Asian markets saw gains, according to Bloomberg Intelligence. Marriott International Inc.’s revenue per room in China fell 1% most of last year, while Hilton’s China room revenue trailed its regional peers.

The company controls about 56% of China’s online travel market, according to China Trading Desk, and has grown into the world’s largest booking site. Its dominance has helped fuel domestic tourism’s recovery—nearly 5 billion trips were logged in the first three quarters of 2025—but operators say the benefits are being offset by falling room yields.

“The market has developed unevenly and innovation is lacking due to monopolistic practices,” said He Shuangquan, head of the Yunnan Provincial Tourism Homestay Industry Association that represents some 7,000 operators. “The entire online travel agency sector is stagnating in a pool of dead water.”

‘Pick-one-of-two’

The broader challenge is oversupply and cautious consumer spending. In regions like Yunnan, hotel capacity has tripled since the pandemic, just as travelers tightened budgets. Consultants note that while people are traveling more, they’re spending less—leaving hotels slashing rates to fill empty beds and posting billions in losses.

For operators like Huang, the paradox is stark: the platform that delivers customers is also accelerating the race to the bottom. The complaints center around Trip.com’s “er xuan yi,” Mandarin for pick-one-of-two exclusivity arrangements—a practice that Chinese regulators have repeatedly vowed to stamp out.

Trip.com categorizes merchants into tiers with “Special Merchants” enjoying the most visibility and traffic, Yunnan Provincial Tourism’s He said. However, these top-tier merchants are typically prohibited from listing on rival platforms like Alibaba’s Fliggy, ByteDance’s Douyin or Meituan. Merchants who aren’t bound by these exclusive arrangements report being effectively compelled to offer the lowest prices on Trip.com’s online booking platform Ctrip, or risk facing a raft of measures like lowered search rankings.



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