logo
Investment firm Azoria postpones Tesla ETF after Musk plans political party

Investment firm Azoria postpones Tesla ETF after Musk plans political party

CNA4 days ago
Investment firm Azoria Partners said on Saturday it will postpone the listing of its Azoria Tesla Convexity exchange traded fund after Tesla CEO Elon Musk said he was forming a new U.S. political party.
Musk made the announcement a day after polling his followers on the X social media platform he owns, declaring, "Today the America Party is formed to give you back your freedom."
Azoria was set to launch the Tesla ETF, which would invest in the electric vehicle company's shares and options, next week.
However, following Musk's announcement Azoria CEO James Fishback posted on X several critical comments of the new party and repeated his support for U.S. President Donald Trump.
That culminated in a post where Fishback announced the postponement of the ETF.
"I encourage the Board to meet immediately and ask Elon to clarify his political ambitions and evaluate whether they are compatible with his full-time obligations to Tesla as CEO," Fishback said.
The announcement undermines the confidence shareholders had in Tesla's future after Musk said in May he was stepping back from his role leading the Department of Government Efficiency, Fishback said.
Tesla did not immediately respond to a Reuters' request for comment.
The announcement from Musk comes after Trump signed his self-styled "big, beautiful" tax-cut and spending bill into law on Friday, which Musk fiercely opposed.
Azoria is also offering the Azoria 500 Meritocracy ETF that only invests in the top 500 U.S. companies that do not impose hiring targets under diversity, equity and inclusion programs, according to its website.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Tesla to expand robotaxi service to San Francisco Bay Area within two months, Musk says
Tesla to expand robotaxi service to San Francisco Bay Area within two months, Musk says

CNA

time33 minutes ago

  • CNA

Tesla to expand robotaxi service to San Francisco Bay Area within two months, Musk says

SAN FRANCISCO :Tesla will expand its robotaxi service to the San Francisco Bay Area "in a month or two", depending on regulatory approvals, CEO Elon Musk said on Wednesday. Tesla last month rolled out a test of the long-promised service in a limited area of Austin, Texas, with about a dozen vehicles and many restrictions, including a safety monitor in the front passenger seat. Tesla will expand the service to "a larger area in Austin this weekend," Musk said on his social media platform X in response to a post from another user about the lack of an update on expansion. When Tesla Owners Silicon Valley asked about expansion in the Bay Area, Musk said: "Waiting on regulatory approvals, but probably in a month or two."

Bank of Korea holds rates steady amid tariff, household debt concerns
Bank of Korea holds rates steady amid tariff, household debt concerns

Business Times

timean hour ago

  • Business Times

Bank of Korea holds rates steady amid tariff, household debt concerns

[SEOUL] South Korea's central bank held interest rates steady on Thursday, as policymakers steered a cautious path amid concerns about financial stability risks stemming from rising household debt and economic pressure from US tariffs. The Bank of Korea's seven-member monetary policy board voted to keep its benchmark interest rate unchanged at 2.50 per cent, an outcome expected by all 33 economists in a Reuters poll. Concerns of financial stability risks in Asia's fourth-largest economy have grown in recent months, driven by home prices and household debt rising sharply on lower interest rates, prompting policymakers to introduce stricter mortgage rules. Economists expect the central bank, which has lowered interest rates by a cumulative 100 basis points in the current easing cycle that started in October, to deliver at least one more rate cut of 25 basis points this year to underpin the economic recovery. The government last week adopted a second supplementary budget for the year with a cash handout scheme to boost domestic demand, as President Lee Jae Myung, who took office on June 4, prioritises shoring up an economy grappling with trade risks and tepid consumption. Earlier this week, US President Donald Trump ramped up the trade war he launched this year, telling partners, from powerhouse exporters such as Japan and South Korea to minor players, that they will face high tariffs from Aug 1. Governor Rhee Chang Yong will hold a press conference at 0210 GMT, which will be livestreamed via YouTube. REUTERS

Australia's beef exports to the US surge despite Trump tariffs
Australia's beef exports to the US surge despite Trump tariffs

Straits Times

timean hour ago

  • Straits Times

Australia's beef exports to the US surge despite Trump tariffs

Sign up now: Get ST's newsletters delivered to your inbox The US is the biggest market for Australia's almost A$14 billion beef and veal export sector. Australia's total beef exports to the US rose significantly in June in the face of US President Donald Trump's new tariff regime, which saw the American leader specifically single out Canberra for refusing to accept adequate red meat imports. Exports of chilled and frozen beef to the US jumped 23 per cent from June 2024 , according to Meat & Livestock Australia data released on J uly 10 . Shipments in the first six months were up almost a third from the same period in 2024 . The US is the biggest market for Australia's almost A$14 billion (S$11.7 billion) beef and veal export sector, and is one of America's largest foreign sources of red meat. Shipments to the US currently face a flat 10 per cent tariff, and Mr Trump singled out the nation for not buying enough US produce in the April press conference where he announced his administration's 'reciprocal' trade rates. Exports to China more than doubled from June 2024 and were just a third below those to the US, the July 10 data showed. Diplomatic tensions had hampered agricultural shipments between the two nations following the Covid-19 pandemic, although relations improved after the election of the centre-left Labor government in 2022, and trade has largely resumed. BLOOMBERG Top stories Swipe. Select. Stay informed. World Trump's ambassador nominee to Singapore Anjani Sinha has a rough day at Senate hearing Asia Dr Mahathir at 100: Still haunted by the Malay Dilemma Singapore Academic paper by NUS researchers withdrawn from peer review after hidden AI prompt found Singapore Apex court upholds SMC's conviction of doctor who gave patients unapproved hormones Multimedia 60 objects to mark SG60: Which is your favourite? Singapore Singaporean fugitive arrested in Thailand for suspected drug trafficking and handed over to CNB World Trump issues tariff notices to 7 minor trading partners, hits Brazil with 50% tariff Business SGX securities turnover up 23% in June, bringing financial year's gain to 28%

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store