Tesla Chair Denies Musk Successor Speculation; Bank of Japan Slashes Economic Growth Forecasts
In a recent statement, Tesla’s chair Robyn Denholm refuted rumors regarding a search for a successor to Elon Musk, emphasizing confidence in Musk’s leadership amid a slump in profits. The denial followed a Wall Street Journal report suggesting Tesla’s board had contacted executive search firms to explore potential replacements, coinciding with Musk’s reduced focus on the company during his political engagements. Denholm labeled the speculation as “erroneous,” asserting that the board had not made any such contacts.
The company faced a challenging first quarter of 2025, reporting a 9% decline in sales. In response, Musk announced plans to reallocate his time from external commitments back to Tesla, aiming to refocus on the company’s growth strategy.
Meanwhile, the Bank of Japan has revised its economic growth forecasts, attributing the adjustments to the repercussions of Donald Trump’s tariff policies. The central bank now expects growth to slow to 0.5% for the fiscal year ending March 2026, down from a previous estimate of 1.1%. Further forecasts predict a 0.7% expansion for the following fiscal year, reduced from 1.0% earlier this year. Bank officials noted that ongoing trade tensions are likely to dampen corporate profits and overall growth.
The Bank also anticipates consumer prices will stabilize around a 2% annual growth rate by the end of 2026, easing from the current 3.6%.
On the corporate front, the Coates family, owners of Bet365, are reportedly considering a sale of their online gambling business, valued at £9 billion. Discussions involve potential equity stakes and an eventual flotation on a US exchange.
As markets reopen, the FTSE 100 has dipped by 0.2%, signaling cautious investor sentiment amid these developments.
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