Woke CEOs are finding themselves losing favor with Republicans as the focus shifts towards law and order candidates. However, attacking these CEOs may not be a winning political tactic, as early evidence suggests that Republicans may be miscalculating their approach. Ron DeSantis and Vivek Ramaswamy, both contenders for the U.S. presidency, have toned down their anti-corporate rhetoric recently.
According to a recent New York Times poll, Republicans showed a preference for a law and order candidate over a candidate who focuses on ‘woke’ ideology by a margin of two to one. This indicates that attacks on woke CEOs may not resonate with GOP voters as anticipated.
In a recent interview on the PBS show Firing Line, Ramaswamy continued his assault on stakeholder capitalism, referring to it as a perversion of how a democratic society is supposed to work. He argued that companies addressing climate change and racial justice blur the boundary between civic space and the capitalist realm. Ramaswamy’s stance, however, may not excite Republican voters who tend to trust CEOs more than politicians.
The argument that CEOs should leave complex issues like climate change and racial justice to the government, which Ramaswamy and others criticize as being influenced by the deep state, may not resonate with GOP voters. As a result, attacks on CEOs appear to be lessening, and CEOs themselves are lying low for now.
In other news, Tesla’s Chief Financial Officer (CFO), Zach Kirkhorn, is stepping down from his role with immediate effect. Kirkhorn took on the position in 2019 and has contributed to the staggering surge in Tesla’s market value, which skyrocketed from $50 billion to $773 billion. While his departure has surprised analysts, speculation suggests that Kirkhorn may resurface as a CEO somewhere else in 2024.
Additionally, Apple’s relationship with Taiwan Semiconductor Manufacturing Company (TSMC) has allowed the tech giant to secure a one-year head start on cutting-edge chips. Not only that, but TSMC also offers Apple the advantage of not charging for faulty products, a perk not extended to other customers. This mutually beneficial partnership allows Apple’s early orders to support TSMC’s costly research and development efforts.
However, there are downsides too. BioNTech, the biotech company behind the world’s first mRNA vaccine, is cutting its drug development budget due to dwindling demand for COVID shots. Last quarter, BioNTech reported a net loss of $208 million, a stark contrast to the $1.8 billion profit during the same period last year. Partnering with Pfizer, the pharmaceutical giant is also grappling with reduced demand, with quarterly net income plummeting 77% to $2.3 billion.
These developments underscore the fluctuating fortunes of various industry players. While CEO attacks may not prove effective in political campaigns, understanding and adapting to changing market dynamics remains crucial for sustained success.
