Is Tesla Looking to Replace Its CEO? [Read It And Eat 01-05-2025]

Ukraine and US finally ink precious minerals deal, is this a hint at the possibility of further protection by the US? Is Tesla looking to oust its CEO? Apple not getting any favours for violating court orders. All this and more on today's Read It And Eat! And oh yeah, Happy New Month!

Major Headlines

• Tesla Chair Denies Report of CEO Search

• Tesla Chair Robyn Denholm has denied a Wall Street Journal report claiming the company’s board is searching for a replacement for CEO Elon Musk. Denholm called the report “absolutely false” on X, and reaffirmed the board’s confidence in Musk’s leadership. Musk also dismissed the story as “deliberately false.”

  The report suggested board members had contacted executive search firms amid concerns over Musk’s focus, especially given his high-profile role in the Trump administration’s Department of Government Efficiency. Musk recently said he plans to shift more of his attention back to Tesla.

  Tesla is at a turning point, pivoting from affordable EVs to driverless tech and robotics. The company’s future — and much of its valuation — hinges on that shift. Recent regulatory support for autonomous vehicles has offered a boost.

  While the board is trying to reassure investors, it continues to face criticism over its close ties to Musk and questions about independence. Denholm, who sold nearly $34 million in Tesla stock in March, has defended her compensation and role. Despite the speculation, the board reportedly remains focused on adding an independent director, not replacing Musk. Wall Street Journal

• U.S. and Ukraine Sign Trump-Backed Minerals and Investment Deal

• The U.S. and Ukraine signed a key agreement on Wednesday granting the U.S. preferred access to Ukraine’s mineral resources and creating a joint fund for Ukraine’s reconstruction. The deal, heavily promoted by President Trump, aims to support post war rebuilding while deepening economic ties.

  Treasury Secretary Scott Bessent and Ukrainian Deputy PM Yulia Svyrydenko signed the accord in Washington, calling it a symbol of long-term cooperation. While it doesn't offer formal security guarantees, the deal is seen as a step toward maintaining U.S. backing for Ukraine’s defense and recovery.

  Ukraine retains control over its mineral extraction, including rare earth elements vital to tech and defense industries. The agreement also confirms that Ukraine won't owe the U.S. for past military aid—an important win for Kyiv.

  Though negotiations were tense at times, both sides view the deal as a foundation for future economic and strategic cooperation, even as broader peace talks with Russia remain unresolved. Reuters

• Tariff Tensions: U.S. Looks to Reopen Dialogue with China

• The United States has reportedly reached out to China in hopes of opening discussions over President Donald Trump's sweeping 145% tariffs, according to a post from Yuyuan Tantian, a social media account tied to Chinese state media. Citing anonymous sources, the post claimed that Washington has approached Beijing through several channels to get talks going.

  However, there's some confusion about whether talks are actually happening. China's foreign ministry spokesperson Guo Jiakun said on Wednesday that, to his knowledge, no formal consultations or negotiations are currently underway.

  Trump, for his part, told U.S. media last week that discussions were ongoing and even claimed President Xi Jinping had personally called him. China swiftly pushed back on that assertion, accusing the U.S. of misleading the public about the status of any talks.

  While Yuyuan Tantian isn't considered one of China’s most authoritative outlets, it's worth noting that more established voices like the Global Times have historically been the first to reveal Beijing’s moves in trade disputes.

  Speaking on Wednesday, Trump sounded optimistic, saying there’s a “very good chance” a deal could be reached. Meanwhile, President Xi urged China to adapt to global changes—though he stopped short of naming the U.S. directly. The Economic Times

• Judge Slams Apple for Violating App Store Order in Epic Games Case

• A U.S. federal judge has ruled that Apple deliberately violated a court order in its long-running legal battle with Fortnite creator Epic Games. The order, issued in 2021, required Apple to let developers link to external payment options — but Apple instead introduced a 27% fee on those transactions, which the court found undermined the ruling.

  Judge Yvonne Gonzalez Rogers called Apple’s behavior a “wilful disregard” of the law and referred both the company and its finance VP, Alex Roman, to federal prosecutors for potential contempt, accusing Roman of giving misleading testimony.

  The ruling paves the way for Fortnite’s return to the App Store and is seen as a win for app developers and users. Epic CEO Tim Sweeney called it a “huge victory,” saying it will lead to fairer pricing and more competition.

  Apple said it “strongly disagrees” with the decision but will comply. The case is part of a broader push to rein in Big Tech’s dominance in digital markets. CityAM

Minor Headlines 

• White House pushes back against Amazon’s plan to highlight tariff costs. CBNC

• U.S. accounting firms tap into India’s talent pool to ease domestic shortage. Reuters

• RBC backs away from its sustainable finance commitments. Reuters

• Meta rolls out a new AI app to take on ChatGPT. CBNC

• Caution lingers in U.S. bond markets despite recent rebound. CNN

• Europe hits record bond sales — strongest since January. Bloomberg

• China’s factory output slumps to lowest level in two years. CNN

• Trump reignites criticism of Jerome Powell in ‘first 100 days’ address. Bloomberg

Gen Z Word of the Day

IYKYK

This acronym is short for "if you know, you know." It's commonly used in reference to an inside joke or something only a specific community might understand.