BlackRock, a Diversity Pioneer, Distances Itself From DEI [WSJ]
“To truly drive change, we must embed DEI into everything we do,” [CEO Larry Fink wrote in 2021]…. In BlackRock’s annual report filed Tuesday, the world’s largest asset manager deleted statements it included in past reports about a diverse and inclusive workforce being “a commercial imperative and indispensable….”
In 2021, the company struck a financing deal with a group of banks that linked the lending costs for a $4.4 billion credit facility to its ability to achieve certain goals, such as meeting targets for women in senior leadership and Black and Latino employees in its workforce…. Those metrics will no longer be enforced.
Trump asks Apple to drop diversity policies after stockholders back pro-DEI stance [Yahoo!]
“APPLE SHOULD GET RID OF DEI RULES, NOT JUST MAKE ADJUSTMENTS TO THEM. DEI WAS A HOAX THAT HAS BEEN VERY BAD FOR OUR COUNTRY. DEI IS GONE!!!” Trump wrote in a Wednesday post on Truth Social…. “We’ll continue to work together to create a culture of belonging where everyone can do their best work, and we’ll remain committed to the values that have always made us who we are,” [Apple CEO Tim Cook said].
Rout wipes $800bn from crypto market as bitcoin slump deepens [FT]
The price of bitcoin dropped as much as 3.6 per cent on Wednesday to $85,600, taking its losses over the past month to 15 per cent. Other tokens have suffered even bigger losses as crypto assets are swept up in a broader sell-off in risk assets, and the largest-ever cryptocurrency theft shakes confidence in the industry.
Traders have also grown frustrated that Trump has not moved faster to enact some of the reforms he promised on the campaign trail.
Elon Musk’s DOGE Adventure Leads to Knotty Accounting Question for Tesla [WSJ]
Here is the question at hand: Are Tesla and the government “related parties” for purposes of generally accepted accounting principles? The answer would appear to be yes, as wild as that might seem…. The related-party designation would mean Tesla, in its disclosures to investors, could have to start reporting transactions it has with the government if they are significant.
Private-Equity Firm Roark Nears $1 Billion Deal for Dave’s Hot Chicken [WSJ]
Dave’s, founded by four friends as a pop-up concept in Los Angeles in 2017, generates $1 billion in annual sales. Known for its Nashville-style chicken, Dave’s counts rapper Drake among its investors and has grown rapidly through a franchised business model…. Roark in 2023 prevailed in a hotly contested auction for the sandwich chain Subway, paying more than $9 billion for the company.
Judge calls hedge fund boss Lee Robinson a ‘dishonest bully’ [The Times]
Mr Justice Rajah said that Lee Robinson, the Monaco-based founder of Altana Wealth, told a “significant lie” which formed the basis of a “false claim [used] to bully” a business associate.
The judge said he was “unable to accept anything said by Mr Robinson unless it is corroborated by the contemporaneous documents” and that Robinson, 55, had “simply made up” financial figures to support his position during a business dispute.
