Richard White, WiseTech Global’s founder and chief executive, and Christine Holman, who was briefly a director of the company.Credit: Bethany Rae
He already has a self-professed portfolio of 17 jobs. He is concurrently the CEO of Tesla and defence contractor SpaceX and the owner of social network X. He also started a company, xAI, in 2023 to develop artificial intelligence products outside Tesla, and he’s the founder of brain computer interface company Neuralink and tunnelling venture The Boring Co.
And while the latest Tesla quarterly report this week showed a sales improvement beyond market expectations, his robotaxi “reveal” two weeks ago left shareholders underwhelmed, given questions remained unanswered about when it would be ready for launch.
It was a fizzer for shareholders, with analysts and industry experts saying that establishing robotaxis could take years, particularly due to safety and reliability concerns. They pointed to accidents as well as the difficulty the technology has responding to scenarios such as inclement weather, complex intersections and pedestrian behaviour.
So far, White’s behaviour does not rise to the level regularly displayed by Musk. But Australian markets are less forgiving in many respects. They won’t give White the length of rope that US investors give Musk.
Since the entrails of White’s personal Lothario alter ego were headlined in the media a few weeks back, the WiseTech share price has fallen around 25 per cent.
That isn’t a move based on judgment about his personal life, but represents the risk that he will be pushed out from direct management of the company.
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While most investment bank analysts have steered clear of publicly commenting on WiseTech or White’s proclivities, Morningstar did take a stab at quantifying the damage from the potential replacement of White.
“We estimate that the replacement of White as CEO would lower the value of WiseTech shares by around 20 per cent to $90 per share, and we ascribe a 25 per cent probability of this happening. Our fair value for WiseTech, with White remaining at the helm, remains at $115 per share,” Morningstar analyst Roy van Keulen said.
As often happens in an ever-moving media expose, facts dribble out daily. What began as a claim by White’s former girlfriend Linda Rogan that he wanted sex for business advice has escalated into a scandal involving multiple lovers that is now affecting the board, its governance, and its disclosure – complete with reported accusations of bullying made by former director Christine Holman.
Doing nothing about White is increasingly no longer an option for the WiseTech board.
Maybe he should send out a message on social media that he has the funds to privatise the company. Perhaps he should join the campaign trail with Anthony Albanese or Peter Dutton, or buy a social media company.
We await the next instalment.
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