☕️Tesla Takedown

Good morning.

A visceral distaste for Tesla founder and CEO Elon Musk has translated into the EV maker’s Q1 results, as the company reported a 13% drop in vehicle sales for the period. The automaker said it delivered 336,681 vehicles in the quarter, the lowest since Q2 2022, and well below the 390k vehicle sales analysts had forecast. Shares plunged 36% over the quarter.

Musk’s exceptionally active presence in global politics as a key Trump advisor has prompted widespread revolt against the Tesla brand, with vandalism and demonstrations hitting Tesla showrooms the world over.

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Market movers

Charter Hall drove a surge in property stocks on Wednesday, as traders bet on rate cuts to cushion the blow from Donald Trump’s looming tariffs, helping offset a mining sell-off and lift the ASX.

The quick sync

• Trump unveils sweeping reciprocal tariffs hitting allies and rivals alike, including 10% on Australian imports, as he threatens Australian beef. (Capital Brief)

• As Dan Jovevski writes, expanding open banking to non-bank lenders by 2026 could unlock cheaper loans and faster approvals for millions of Australians. (Capital Brief)

• As private equity dries up, investors are chasing private credit's steadier payouts—even as cracks in asset quality begin to show. (Capital Brief)

• Canva cuts most of its technical writers after encouraging employees to embrace AI for productivity, ahead of a likely Nasdaq listing in coming years. (AFR)

• Trump to unveil TikTok America plan to dodge US ban with new investor structure and reduced ByteDance stake. (The Information)(NYT)

Trading floor

M&A

• Kelsian Group to sell Australian tourism assets to cut debt. (Capital Brief)

• Brookfield seeks final bids for $3b Aveo sale, with GIC and Scape in the race. (AFR)

• Foxtel sold to DAZN for $3.4b as News Corp exits and CEO Shay Segev’s Entain past draws scrutiny. (Capital Brief)(AFR)

• ReNu Energy is shifting from green hydrogen to truck electrification through a reverse takeover of Janus Electric, valued at $24.5m. (BNA)

• Amazon makes surprise bid for TikTok before US deadline. (Capital Brief)(NYT)

• OnlyFans founder Tim Stokely, through his startup Zoop and a cryptocurrency foundation, has joined the race to acquire TikTok as the April 5 deadline for a non-Chinese buyer approaches. (Reuters)

• Barrenjoey poised to advise Perpetual on $2.2b wealth unit sale. (The Australian)

Capital Markets

• Mineral Resources and its managing director, Chris Ellison, face a class action linked to past issues, including an alleged tax evasion scheme. (Capital Brief)

• Zip will appeal a Federal Court ruling that favored Firstmac in a trademark infringement case over the use of 'Zip.' (Capital Brief)

• GemLife is testing investor interest for an IPO with JPMorgan and Morgan Stanley. (AFR)

• Star’s $940m refi rescue with Salter Brothers has collapsed, forcing the casino giant into a high-stakes equity scramble as Bally’s re-enters the frame. (Capital Brief)(AFR)(The Australian)

• BHP considered spinning off its iron ore and coal divisions to focus on potash and copper growth. (Reuters)

• Vulcan Energy delays its Lionheart lithium project in Germany to secure potential government funding. (Capital Brief)

• EQT Partners considers refinancing Fitness Passport to boost returns. (AFR)

• Emerald Resources cleared its Okvau mine debt, boosting cashflows. (Capital Brief)

• High Court rejects ACCC appeal, ruling that an "understanding" between Hutchinson Builders and the CFMEU did not meet the legal threshold for anti-competitive conduct. (Capital Brief)

• China has begun restricting local companies from investing in the US amid escalating trade tensions. (Capital Brief) (Bloomberg)

• US firms added more jobs than expected in March, easing labor market concerns despite economic uncertainty. (Capital Brief)

• A draft ruling from the New Zealand Takeovers Panel could challenge James Grenon’s efforts to overthrow NZME’s board. (The Australian)

• Stocks fell as markets awaited Trump’s announcement of sweeping tariffs on US trading partners, fueling economic slowdown concerns. (Capital Brief)

• AustralianSuper bets on battered US tech while warning Europe will bear the brunt of Trump’s trade war. (AFR)

• Whistleblower Christine Holman was warned her board career was over after exposing governance failings at WiseTech, as ASIC probes deepen and investors flee. (AFR)

• Virgin Australia’s pitch to rejoin the ASX leans on a “simpler” turnaround story but lacks financial detail, with pricing set to make or break the IPO. (Capital Brief)(AFR)

• Nintendo’s Switch 2 lands in June with a higher price and modest upgrades—now it must prove lightning can strike twice. (CNN)(FT)

• Trump Media stock sinks as sale door reopens on $2.2 billion in insider shares. (NYT)(WSJ)

• Judge throws out corruption case against NYC Mayor Eric Adams, setting the stage for a bruising re-election fight. (Reuters)

• Helen Haines urges NACC chief Paul Brereton to cut defence ties as integrity concerns mount over slow probes, secret hearings and a “shaky start”. (Capital Brief)

VC

• Sorata, backed by PEP’s Cameron Blanks, reveals ASX shareholder data with AI. (AFR)

• Portable gets $1.1m funding for wage compliance tool to tackle underpayments. (Smart Company)

• Flagship has raised $6m to fuel its U.S. expansion and aims to become the "Canva of the retail world" through its digital visual merchandising platform. (Smart Company)

• WhyHive is shutting down on April 28, two years after raising $600k, despite its efforts to make data analysis as accessible as Canva made design. (StartupDaily)

People moves

• Westpac appoints Kate Dee as Chief People Officer, reporting to CEO Anthony Miller. (Capital Brief)

• Treasury Wine Estates appoints former Orora CEO Nigel Garrard as an independent non-executive director. (Capital Brief)

• Citi’s Australian energy research head, James Byrne, has left to join Singapore-based AG&P LNG. (AFR)

• Dyno Nobel appoints Vocus Group's Nitesh Naidoo as its new CFO. (Capital Brief)

• Ian Taylor, a former Goldman Sachs veteran, is the new head of equity capital markets at Bank of America. (AFR)

• Trump has told Cabinet members that Elon Musk will step back from his government role in the coming weeks, as his temporary status nears expiration. (Capital Brief)

• Aware Super has appointed Sue Brake, former CIO at Future Fund, and an unnamed former Macquarie executive to oversee its $190b investment portfolio for an initial two-year term. (AFR)

• Three frontrunners—Brett Woods, Ian Davies, and Sherry Duhe—are competing to succeed Kevin Gallagher as Santos CEO, as Gallagher’s contract ends in 2025. (The Australian)

The watercooler