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New York Post
15-05-2025
- Automotive
- New York Post
Telsa chair, Robyn Denholm, sold stock worth $230 million as company profits plunged
The chair of Tesla sold more than $230 million of company stock since Elon Musk's endorsement of Donald Trump triggered boycotts and protests against his cars, sending its profits and stock price plunging. More than half of Robyn Denholm's cash haul came from sales in the first four months this year as Tesla stock fell by one-third, according to filings reviewed by The Associated Press. In total, she unloaded hundreds of thousands of shares — more than half her holdings, as dictated by a pre-arranged selling plan filed with regulators as Musk began embracing right-wing politics. Advertisement 4 Tesla Chair, Robyn Denholm, attends the Australian Financial Review Business Summit in Sydney, Australia, March 4, 2025. REUTERS Denholm filed that plan on July 25, the day Musk endorsed Trump for president. Denholm's profits were likely outsized, too. That is because many of the shares she sold had been acquired through so-called options granted to her by Tesla years earlier that, given recent stock prices, allowed her to buy at a deep discount, according to data from research provider FactSet. Nearly a million shares acquired through options were bought for $25, less than a tenth of the market price for much of the last nine months. Advertisement The AP reached out to both Tesla and Denholm but did not receive an immediate reply. A Denholm statement to The New York Times, which earlier reported on the insider sales, said that the share value of holdings by Tesla directors has jumped because the stock itself has soared, creating 'outsized returns' for all shareholders. 4 Denholm sold more than $230 million of company stock since Elon Musk's endorsement of Donald Trump triggered boycotts and protests against the car company. Bloomberg via Getty Images It's not clear why Denholm decided to cash out so much of her stake. Advertisement Pre-determined selling schedules are used by executives and directors as a way of telling investors that their selling isn't based on insider information, which is illegal, or necessarily a sign that they have turned pessimistic about a company. Denholm isn't the only Tesla insider who has been selling. The chief financial officer and other directors have unloaded $189 million in stock in the same nine-month period, according to FactSet data. 4 Elon Musk greeted U.S. President Donald Trump as they attended the NCAA men's wrestling championships in Philadelphia, Pennsylvania, on March 22, 2025. REUTERS Tesla stock soared after Trump was elected in November on the hopes that the president-elect's close relations with Musk would translate to less regulatory scrutiny and bigger profits. Advertisement But Musk's role as the government cost-cutting chief for Trump and his comments supporting extreme right-wing politicians in Europe have triggered a backlash among car buyers, and sales have sunk along with his stock. 4 Musk's role as the government cost-cutting chief for Trump and his comments supporting extreme right-wing politicians in Europe have triggered a backlash among car buyers, according to reports. Getty Images Tesla reported last month that profits in the first three months of the year plunged 71%. The stock soared again after Musk, the company's chief executive and biggest shareholder, said he would be stepping back from his Washington work to spend more time at the electric automaker. Tesla closed at $347 a share Wednesday, up 4% for the day and more than 50% since its April low.
Yahoo
19-03-2025
- Business
- Yahoo
Australian bank CEOs say Trump 'tariff madness' may drive up global inflation
By Christine Chen and Byron Kaye SYDNEY (Reuters) -A trade war sparked by U.S. President Donald Trump's tariffs may drive up global inflation, stoke market volatility and slow economic growth, the CEOs of two top Australian banks said on Tuesday, but added Australia was insulated from the disruption. The heads of No. 1 retail lender Commonwealth Bank of Australia and No. 1 business lender National Australia Bank told a conference the new U.S. administration's protectionist policies would likely strain the global economy in the medium term with higher costs and lack of certainty. But Australia's roughly $15 billion a year in exports to the U.S. was small compared to its overall export trade, so the country was better placed than Canada, which sells 85% of its exports to the U.S., the financial leaders added. "There's certainly risk to the downside, around slowing global growth," CBA CEO Matt Comyn told the Australian Financial Review Business Summit in Sydney, adding U.S. tariffs would mean "inefficiencies in trade (and) therefore more inflation". CBA had reported a "pronounced uptick" in mortgage applications since the Reserve Bank of Australia cut interest rates last month for the first time since November 2020 to 4.1%, Comyn's head of retail banking Angus Sullivan told the conference earlier. NAB CEO Andrew Irvine said the rate cut had been an "exhale of breath" in the economy, but "tariff madness" under Trump may lower the chance of further cuts this year. Currently NAB expects two 25-basis point cuts in 2025. "We're not an island," Irvine told the conference. "If this tariff madness does happen, we could be at the end of (rate) reductions." Sign in to access your portfolio
The Independent
05-03-2025
- Business
- The Independent
Australia navigating ‘very different America' under Trump, foreign minister says
US president Donald Trump 's second presidency is proving even more disruptive than his first, Australia 's foreign minister Penny Wong said. Ms Wong, however, said she remained hopeful that Australia could secure an exemption from upcoming US tariffs on steel and aluminium. Speaking at a business summit, she acknowledged the scale of change under Mr Trump's administration but emphasised the strength of the US-Australia alliance despite some policy differences. Ms Wong said since Mr Trump took over the White House, Australia has had to deal with a 'very different American administration'. 'President Trump and his administration envisage a very different America in the world,' she said at the Australian Financial Review Business Summit in Sydney. 'We saw that in the first Trump administration, but I think it's clear that the scale of change in this administration, the second term of the Trump administration is even more so.' Ms Wong said Australia was still pushing for an exemption from the upcoming 25 per cent US tariffs on steel and aluminium. 'I wouldn't concede that (we will not get a tariff exemption) … we are still, putting our case very clearly and our case, I think is a strong case,' she said. 'There will be areas where our position and the US position might differ. That's always been the case. We have to navigate that sensibly. We have to remember the value of the alliance,' she added. Last month it was reported that Donald Trump had agreed to consider exempting Australia from new US steel and aluminium tariffs after a phone call with prime minister Anthony Albanese. Despite initially ruling out exemptions, Mr Trump acknowledged Australia's trade surplus with the US and its importance as a security ally. 'We have a surplus with Australia. One of the few. And the reason is they buy a lot of airplanes. They're rather far away and they need lots of airplanes,' Mr Trump said at the time. 'I told him that that's something that we'll give great consideration to,' the president told reporters in the Oval Office, adding that Mr Albanese was a 'very fine man'. Mr Albanese called the discussion 'constructive and warm'. 'We agreed on wording to say publicly which is that the US president agreed that an exemption was under consideration,' Mr Albanese told reporters. Australia's steel and aluminium exports support US defence interests, including shipbuilding under the Aukus pact. While no exemption has been granted yet, discussions between both governments continue. Mr Albanese said he was confident in securing a deal with Mr Trump. 'Given what we've already accomplished, it's been a fantastic start to the relationship.' Dr Valdimir Tyazhelnikov, an expert in international trade from the University of Sydney's School of Economics, says of the impact of any tariffs on Australian industry: 'The greatest risk for Australia is a potential global trade war, which could disrupt supply chains and weaken manufacturing activity across East and Southeast Asia. Given that Japan, Korea, and China are key export destinations for Australia, such disruptions could have significant negative economic consequences'. Additional reporting by agencies.
The Guardian
05-03-2025
- Business
- The Guardian
Chalmers accuses Coalition of ‘horrendous contradiction' as Taylor appears to backflip on insurance crackdown
Angus Taylor has appeared to backflip on the Coalition's commitment to crack down on insurance companies if they do not bring down premiums. In February, the opposition leader, Peter Dutton, told Sky News the Coalition was prepared to 'intervene' in the insurance market. 'As we've done with the supermarkets, where we have threatened divestment, if consumers are being ripped off, similarly in the insurance market, we will intervene,' Dutton said. But on Wednesday, the shadow treasurer, Angus Taylor, told the Australian Financial Review Business Summit that would not be happening. 'If competition is being thwarted by the behaviour of some in the industry, then that's completely unacceptable,' he said 'We've said we'll keep it confined to supermarkets and hardware.' When asked by host Phil Coorey if would apply to insurers, Taylor replied: 'No. We've been clear on that.' Sign up for Guardian Australia's breaking news email Speaking on Sky later on Tuesday, the treasurer, Jim Chalmers was critical of what he called 'a horrendous contradiction'. 'This is real slapstick stuff, isn't it. They're making it up as they go along – one says one thing, another says something completely the opposite,' he said. 'You'd think after three years they could come up with something better than this.' In the December quarter, insurance inflation grew at its weakest rate since 2022, at 1.1%, but according to the Australian bureau of statistics, it still grew 11% across the year. In the year to the March 2024 quarter, insurance increases had peaked, with the ABS recording a rise of 16.4%. In cyclone-prone parts of northern Australia, the government has tried to decrease premiums under the cyclone reinsurance pool, which allows insurance companies to transfer their risk for cyclone damage to the federal government. But in 2023, the latest ACCC insurance monitoring report found insurance premiums had increased at their steepest rate in northern WA and the NT. At the time of Dutton's announcement on Sky, his cabinet said it wasn't official policy, and hadn't been approved by the partyroom. The Nationals leader, David Littleproud, told RN Breakfast a day later: 'It would be unfair to say that was a policy announced by Peter Dutton.' In an interview with 2CC, Littleproud's language was weaker than his leader's, saying the insurance companies were 'on notice'. 'Well we've proved before that if we believe that Australian consumers are being done over and that there is market forces that aren't pure, then we are prepared to step in, as we are with the supermarkets as we did with the energy sector,' he said. 'What Peter has said and what the Coalition is saying to the insurance companies, you're on notice, and we've got form of standing up to big corporates.' The Coalition's divestiture policy for supermarkets was introduced in July, to address price-gouging, and would be used as 'a last resort'. If enacted, the competition regulator could seek court orders that would compel Coles or Woolworths to sell parts of their business, if there was a significant breach of the law.
Yahoo
05-03-2025
- Business
- Yahoo
Trump's second term already more disruptive than his first, Australia's foreign minister says
SYDNEY (Reuters) - Donald Trump's second presidency is already more disruptive than his first, Australia's foreign minister said on Wednesday, although she held hopes the country might still get an exemption when it comes to tariffs. Foreign Minister Penny Wong said there was 'no doubt' from Trump's flurry of executive orders since taking office just over six weeks ago that Australia was dealing with a 'very different American administration'. 'President Trump and his administration envisage a very different America in the world,' she said at the Australian Financial Review Business Summit in Sydney. See for yourself — The Yodel is the go-to source for daily news, entertainment and feel-good stories. By signing up, you agree to our Terms and Privacy Policy. 'We saw that in the first Trump administration, but I think it's clear that the scale of change in this administration, the second term of the Trump administration is even more so.' Wong said tariffs had been a major focus for Trump and that Australia was still pushing for an exemption with 25% tariffs on steel and aluminium set to start next week. 'I wouldn't concede that (we will not get a tariff exemption) … we are still, putting our case very clearly and our case, I think is a strong case,' she said. She added that the U.S. was Australia's most important strategic partner and that alliance had endured people, administrations and governments of all political persuasions. 'There will be areas where our position and the U.S. position might differ. That's always been the case. We have to navigate that sensibly. We have to remember the value of the alliance,' she said.
