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

Investment firm Azoria postpones Tesla ETF after Musk plans political party

CNAa day 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

Trump says will impose 25% tariffs on Japan, South Korea from Aug 1
Trump says will impose 25% tariffs on Japan, South Korea from Aug 1

CNA

timean hour ago

  • CNA

Trump says will impose 25% tariffs on Japan, South Korea from Aug 1

WASHINGTON: US President Donald Trump said on Monday (Jul 7) he would impose a 25 per cent tariff on goods from Japan and South Korea starting on Aug 1, posting letters to the leaders of those countries on his social media platform. In his first letters to trading partners ahead of a deadline to reach a deal, Trump penned near-identically worded letters to the leaders of Japan and South Korea. Trump said the tariffs would apply from Aug 1 because their trading relationships with Washington were "unfortunately, far from reciprocal".

Oil rises as strong demand offsets big OPEC+ output hike
Oil rises as strong demand offsets big OPEC+ output hike

CNA

timean hour ago

  • CNA

Oil rises as strong demand offsets big OPEC+ output hike

HOUSTON :Oil rose 1 per cent on Monday as signs of strong demand outweighed the impact of OPEC+ hiking output more than expected for August, as well as concern about the potential impact of U.S. tariffs. Brent crude futures rose 91 cents, or 1.3 per cent, to $69.20 by 12:20 p.m. ET (1620 GMT). U.S. West Texas Intermediate crude was at $67.57, up 57 cents, or 0.8 per cent. The benchmarks had fallen to $67.22 and $65.40, respectively, earlier in the session. "The supply picture definitely looks to be elevating, however, the stronger demand is remaining above expectations as well," Dennis Kissler, senior vice president of trading at BOK Financial. A record number of Americans had been set to travel for the Fourth of July holiday by road and air, travel industry statistics showed. The Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, agreed on Saturday to raise production by 548,000 barrels per day in August, more than the 411,000-bpd hikes they made for the earlier three months. The OPEC+ decision will bring nearly 80 per cent of the 2.2 million-bpd voluntary cuts from eight OPEC producers back into the market, RBC Capital analysts, led by Helima Croft, said in a note. However, the actual output increase has been smaller than planned so far and most of the supply has been from Saudi Arabia, analysts said. The actual month-on-month rise in OPEC+ output is generally smaller, because overproducers Iraq and Kazakhstan are unlikely/unable to significantly raise their output compared with the recent heights reached during the first quarter, analysts at research firm FGE wrote in a note. In a show of confidence about oil demand, Saudi Arabia on Sunday raised the August price for its flagship Arab Light crude to a four-month high for Asia. Goldman analysts expect OPEC+ to announce a final 550,000-bpd increase for September at the next meeting on August 3. Oil had also come under pressure as U.S. officials flagged a delay regarding when tariffs would begin, but failed to provide details on changes to the rates that will be imposed. Investors are worried that higher tariffs could slow economic activity and oil demand. The United States will make several trade announcements in the next 48 hours, Treasury Secretary Scott Bessent said on Monday, adding that his inbox was full of last-ditch offers from countries to clinch a tariff deal before a July 9 deadline. "Concerns over (U.S. President Donald) Trump's tariffs continue to be the broad theme in the second half of 2025, with dollar weakness the only support for oil for now," said Priyanka Sachdeva, a senior market analyst at Phillip Nova. Meanwhile, geopolitical uncertainties continued. Yemen's Iran-aligned Houthis said on Monday that a cargo ship they struck with gunfire, rockets and explosive-laden remote-controlled boats had sunk in the Red Sea, after their first known attack on the high seas this year. Israeli Prime Minister Benjamin Netanyahu is due to meet with Trump at the White House on Monday, while Israeli officials hold indirect talks with Hamas aimed at reaching a U.S.-brokered Gaza ceasefire and hostage-release deal. Iranian President Masoud Pezeshkian said he believes Iran can resolve its differences with the United States through dialogue, but trust would be an issue after U.S. and Israeli attacks on his country, according to an interview released on Monday.

Dollar firms against peers as investors brace for Trump tariff deadline
Dollar firms against peers as investors brace for Trump tariff deadline

CNA

time3 hours ago

  • CNA

Dollar firms against peers as investors brace for Trump tariff deadline

NEW YORK :The dollar firmed against other major currencies on Monday, after remarks from U.S. officials offered little clarity on the outlook for tariffs, days ahead of a crucial deadline. Most U.S. trade partners face the prospect of steeper duties at the end of the 90-day moratorium on U.S. President Donald Trump's "Liberation Day" reciprocal tariffs on Wednesday. Trump clarified on Sunday that the new rates would take effect from August 1. He said he will name some dozen countries later on Monday that are receiving letters with their new, higher levies, and he threatened an additional 10 per cent tariff on nations aligning with what he deemed to be the "anti-American" policies of the BRICS emerging economies. "It still feels like this administration is trying to find ways to avoid going all out on fresh tariff positions. We have people talking a (lot) about it, but talking and doing are two entirely different things," said Chris Beauchamp, chief market analyst at IG. "They (the United States) saw what happened with the volatility in April, and I don't think they want to wish that again." Options data reflected that currency markets were pricing in a limited resurgence in volatility ahead of the tariff deadline on expectations further extensions on the deadline were possible. The dollar index, which measures the currency against six major counterparts, rose 0.34 per cent to 97.294 and briefly hit a one-week high. The index extended gains from last week when data reflecting labour market resilience pushed back expectations for imminent monetary policy easing by the Federal Reserve. Still, the index is close to a 3-1/2-year trough and has declined 10 per cent so far this year as investors questioned the safe-haven status of the U.S. currency and reassessed earlier expectations that the U.S. could be spared in the event of a global economic slowdown. The dollar inched up 0.25 per cent to 0.797 against the Swiss franc on Monday, near the January 2015 low it revisited in the previous week. The euro slipped 0.41 per cent to $1.1738 having rallied over 13 per cent so far this year. The dollar reversed an earlier decline and rose 0.78 per cent at 145.725 yen, reaching a one-week high. Investors are concerned that Tokyo and Brussels might not be able to secure deals with Washington ahead of the deadline as progress on agreements with Japan and the European Union has been slow, despite multiple rounds of negotiations. Sterling weakened 0.08 per cent to $1.364, but stayed near its strongest level since October 2021. Currencies positively correlated to risk appetite, such as the Aussie dollar and the New Zealand dollar lost 0.61 per cent and 0.63 per cent, respectively ahead of monetary policy decisions in both countries in the coming two days. The Reserve Bank of Australia is widely expected to cut the cash rate by another quarter point on Tuesday, while New Zealand's central bank is predicted to hold rates steady on Wednesday. U.S. policy uncertainty weighing on the dollar "may not be as potent as in early April, but we think this correlation still matters," Paul Mackel, global head of FX research at HSBC said.

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