Searching for smart, safe news you can TRUST?

Support safe, smart, REAL journalism. Sign up for our Axios AM & PM newsletters and get smarter, faster.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Searching for smart, safe news you can TRUST?

Support safe, smart, REAL journalism. Sign up for our Axios AM & PM newsletters and get smarter, faster.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Denver news in your inbox

Catch up on the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Des Moines news in your inbox

Catch up on the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Minneapolis-St. Paul news in your inbox

Catch up on the most important stories affecting your hometown with Axios Minneapolis-St. Paul

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tampa-St. Petersburg news in your inbox

Catch up on the most important stories affecting your hometown with Axios Tampa-St. Petersburg

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Photo: David McNew/AFP via Getty Images

The stock market might look as though it's effortlessly gliding to record highs, but there's a lot of turmoil right below the surface, much of it related to tensions between shareholders and management.

Driving the news: At Tesla, CEO Elon Musk seems to be constitutionally incapable of dialing down the tweets that have cost him and his shareholders billions of dollars in wealth.

  • His calls for short selling to be made illegal will be music to the ears of, well, short sellers like David Einhorn, who smell blood in the water.

At Unilever, lame-duck CEO Paul Polman wanted to cement his legacy by finally getting rid of the company's anachronistic and confusing structure of having dual listings and dual headquarters in London and Rotterdam.

  • He failed: The move would have been good for the company as a whole, but bad for U.K. shareholders, many of whom would have been forced to sell their stock once Unilever became a Dutch company headquartered solely in the Netherlands.
  • What happens next is anyone's guess, especially after the U.K. leaves the EU in March.

At GE, CEO John Flannery was unceremoniously defenestrated on Monday, after just one year running the troubled conglomerate.

  • The company took the opportunity to take a $23 billion write-down on the value of its power unit, most of it related to the disastrous $10.6 billion acquisition of Alstom's power business in 2015. Amazingly, the write-down on that single acquisition is likely to be substantially greater than the purchase price.
  • If his history is any indication, new CEO Larry Culp is likely to lower the company's dividend.
  • To make matters worse, Culp has no experience at GE beyond a short stint on its board.
  • GE shares rose on the news, but the real story is told in the bond markets, where GE debt continues to trade at deeply depressed levels and where S&P just downgraded the company to a mere three notches above junk. It's a far cry from the perfect AAA rating that GE enjoyed in March 2009.

Go deeper

Updated 7 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Large coronavirus outbreaks leading to high death rates — Coronavirus cases are at an all-time high ahead of Election Day — U.S. tops 88,000 COVID-19 cases, setting new single-day record.
  2. Politics: States beg for Warp Speed billions.
  3. World: Taiwan reaches a record 200 days with no local coronavirus cases.
  4. 🎧Podcast: The vaccine race turns toward nationalism.

Technical glitch in Facebook's ad tools creates political firestorm

Facebook CEO Mark Zuckerberg. Photo: SOPA Images / Contributor

Facebook said late Thursday that a mix of "technical problems" and confusion among advertisers around its new political ad ban rules caused issues affecting ad campaigns of both parties.

Why it matters: A report out Thursday morning suggested the ad tools were causing campaign ads, even those that adhered to Facebook's new rules, to be paused. Very quickly, political campaigners began asserting the tech giant was enforcing policies in a way that was biased against their campaigns.

8 hours ago - Health

States beg for Warp Speed billions

A COVID-19 drive-thru testing center yesterday at Hard Rock Stadium in Miami Gardens. Photo: David Santiago/Miami Herald via AP

Operation Warp Speed has an Achilles' heel: States need billions to distribute vaccines — and many say they don't have the cash.

Why it matters: The first emergency use authorization could come as soon as next month, but vaccines require funding for workers, shipping and handling, and for reserving spaces for vaccination sites.