Jensen Huang's Tom Ford jacket has made a couple of conference appearances in recent months.
Justin Sullivan/Getty Images
Nvidia CEO Jensen Huang signed autographs, including a woman's top, at a Taiwanese tech event.
Huang's popularity has surged alongside Nvidia's soaring stock.
This trip to Taiwan cements Huang's rockstar status.
Jensen Huang is shedding his Ultimate Cool Dad status, becoming — for better or worse — the true rockstar that's been lurking just beneath his black leather jacket.
In a crowded booth at a Taiwanese tech conference on Tuesday, the Nvidia CEO wore the same glasses and Tom Ford jacket he sported for Sunday night's keynote address.
He signed Macbooks, chips, and even a woman's top, just above her cleavage.
"Is that a good idea?" he asked with a smile, before scrawling his name with a black pen on the woman's white top, in a video posted to Threads of the encounter.
Huang has stayed in the spotlight as artificial intelligence pushes demand for Nvidia's software and hardware to record levels. As the company's stock soared 197% over the last year, the press — including Business Insider — has scrutinized Huang's memo-writing style, his fashion, and his organizational style.
While other CEOs are known for their fashion, including Mark Zuckerberg's recent glow-up, no one is lining up with their chests out for Tim Cook.
A Nvidia spokeswoman declined to comment on the signature.
It was a happy hump day for the S&P/ASX 200 Index (ASX: XJO) and most ASX shares this Wednesday as investors shook off the negativity that hit the markets yesterday.
As of the market close, the ASX 200 had added a healthy 0.41%, pushing the index up to a flat 7,769 points.
This happy Wednesday for ASX investors comes after an equally rosy night of trading up on Wall Street.
The Dow Jones Industrial Average Index (DJX: .DJI) had a great time, getting a 0.36% bump up.
The Nasdaq Composite Index (NASDAQ: .IXIC) fared similarly, gaining 0.17%
But returning to the ASX boards now, lets take stock of how the different ASX sectors dealt with today’s good mood on the markets.
Winners and losers
Despite the market’s rise, we still saw a few sectors record a loss for the day.
Leading the losers was the mining sector. The S&P/ASX 200 Materials Index (ASX: XMJ) had a horrid day, tanking by 1.11%.
The same could be said for gold shares. The All Ordinaries Gold Index (ASX: XGD) slumped 1.03%.
It seems commodities were on the nose, as energy stocks also suffered this Wednesday. The S&P/ASX 200 Energy Index (ASX: XEJ) ended up losing 0.91%.
Tech shares were also on the nose, as you can see from the S&P/ASX 200 Information Technology Index (ASX: XIJ)’s 0.61% slide.
But that’s it for the losers. Turning to the winners now, it was communications stocks that came out on top. The S&P/ASX 200 Communication Services Index (ASX: XTJ) surged 2.01% higher by the market close.
Healthcare shares also had a cracking day, with the S&P/ASX 200 Healthcare Index (ASX: XHJ) leaping up 1.69%.
ASX consumer staples stocks were hot property too, illustrated by the S&P/ASX 200 Consumer Staples Index (ASX: XSJ)’s 1.57% gallop higher.
Consumer discretionary shares were another bright spot, with the S&P/ASX 200 Consumer Discretionary Index (ASX: XDJ) banking a robust 1.11%.
Industrial stocks were also making investors happy. The S&P/ASX 200 Industrials Index (ASX: XNJ) bounced 0.73% higher today.
As were financial shares. The S&P/ASX 200 Financials Index (ASX: XFJ) lifted by 0.62%.
Our final winners were utilities stocks. The S&P/ASX 200 Utilities Index (ASX: XUJ) managed to wrangle a rise of 0.43%.
Top 10 ASX 200 shares countdown
The top ASX stock on the index this hump day was Treasury Wine Estates Ltd (ASX: TWE).
Treasury shares soared 5.27% higher today up to $11.99 a share. This gain came after the company reaffirmed its FY2024 guidance last night and outlined plans for growth in the North American markets. Investors seem to approve.
Here’s a look at the rest of this Wednesday’s winners:
Our top 10 shares countdown is a recurring end-of-day summary to let you know which companies were making big moves on the day. Check in at Fool.com.au after the weekday market closes to see which stocks make the countdown.
Should you invest $1,000 in Auckland International Airport Limited right now?
Before you buy Auckland International Airport Limited shares, consider this:
Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Auckland International Airport Limited wasn’t one of them.
The online investing service heâs run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
And right now, Scott thinks there are 5 stocks that may be better buys…
Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Nanosonics and Pro Medicus. The Motley Fool Australia has positions in and has recommended Nanosonics. The Motley Fool Australia has recommended Car Group, Pro Medicus, Seek, and Treasury Wine Estates. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
ASX All Ordinaries (ASX: XAO) shares are in the green in 2024, with the All Ords index up 2.4% this year to date. Some individual shares have crushed this result, hitting all-time highs along the way.
DroneShield Ltd (ASX: DRO) is a case in point. Shares in this tech player have rocketed in trading today, nudging an all-time high of $1.37 in morning trade. The DroneShield share price is swapping hands 5.2% higher at $1.35 apiece at Wednesday’s close.
This marks a massive 260% increase in 2024 alone, leaving the broad index behind in its dust.
So, what’s driving this impressive surge in the ASX All Ords stock?
Why are investors buying this ASX All Ords stock?
DroneShield is a counter-drone technology company currently working with the US Military for its drone-defense systems. Recent contract wins have seen investors bid up the ASX All Ord stock rapidly this year.
In May, it announced a $5.7 million repeat order from a US Government customer for its advanced Counter-UxS systems. According to my colleague James, this order will be fulfilled throughout 2024, potentially enhancing DroneShield’s revenue and market position.
DroneShield CEO Oleg Vornik also shed light on the company’s growth potential in a recent interview. Vornik discussed the possibility of increasing revenues from $55 million last year to between $300 million and $500 million annually within the next five years.
Vornik highlighted that the counter-drone market was currently underserved and that he expected “customers need to buy 100 times more than what they purchased” due to strong public and private market demand.
DroneShield’s latest quarterly results underscore the growth of these markets. The company reported $16.4 million in revenue for the 3 months to March 2024.
That signifies a 900% increase in sales from the same period last year. In my view, this is certainly another reason investors have been on a feeding frenzy in this name.
What’s next?
Bell Potter analysts upgraded the stock to a buy rating in a note from May, anticipating strong performance from the tech company.
The broker forecasted $97 million in sales and $24.4 million in earnings for 2024, representing year-over-year increases of 80% and 163%, respectively. If DroneShield meets these targets, its share price could continue its upward trajectory.
Looking forward, the company’s sales pipeline stood at $519 million by the end of Q1 CY 2024. Management said it had $27 million in contracted orders currently underway.
All we can do is wait for the company’s next earnings results to see if it is on track to hit estimates.
Foolish takeaway
Shares in this ASX All Ords stock have soared in 2024, driven by its business growth initiatives and significant contract wins.
With the stock trading at $1.35 per share, it has climbed 260.8% since January this year and is up a hefty 434% in the last 12 months.
I think DroneShield’s future certainly looks promising. Investors may want to keep an eye on this ASX All Ords stock as it continues to navigate the burgeoning counter-drone market.
Should you invest $1,000 in Droneshield Limited right now?
Before you buy Droneshield Limited shares, consider this:
Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Droneshield Limited wasn’t one of them.
The online investing service heâs run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
And right now, Scott thinks there are 5 stocks that may be better buys…
Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended DroneShield. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
India's Prime Minister Narendra Modi attends the release of the Bharatiya Janata Party's (BJP) manifesto ahead of country's upcoming general elections, at the party headquarters in New Delhi on April 14, 2024.
SAJJAD HUSSAIN/AFP via Getty Images
Narendra Modi continues to be prime minister, but how he won was a major blow to the leader.
His ruling party expected to smash the polls but couldn't secure a majority without the help of allies.
With his allies now kingmakers, Modi must now balance his governing with securing their loyalty.
Narendra Modi has been prime minister of India for 10 years.
On Tuesday, he extended his tenure by another potential five years when his ruling party, the Bharatiya Janata Party, secured a majority in the lower house of parliament with its allies.
That's the key to everything being said about the world's biggest election — without his allies, Modi would have lost control of parliament and, by extension, India.
It's why the election results have been a shocking blow to Modi and the BJP despite them winning.
Anyone seeking a majority in India's parliament — the prerequisite for naming a prime minister — needed to win 272 out of 543 seats. And this time, the BJP won only 240, relying on smaller parties under a coalition called the National Democratic Alliance to carry it past the finish line.
For a BJP that previously enjoyed a majority on its own with 303 seats in 2019, that's a stark shift in its grip on power. Its alliance only managed to secure 293 seats, just 21 more than needed for a majority.
The result was especially humbling for Modi because the NDA was projected to slam-dunk the election with a whopping 400 seats. The incumbent seemed so confident that he declared victory three days before the result announcements, saying his voters turned out in "record numbers."
Now, though, his allies hold the enviable position of being the difference-maker in deciding who leads India. Should they all ditch Modi for his rivals in the Indian National Developmental Inclusive Alliance, they could oust him from leadership.
Two of the biggest players in that gaggle of kingmakers, the Telugu Desam Party and the Janata Dal (United), hold a combined 28 seats and are led by politicians known for switching loyalties, per Bloomberg.
Modi now must ensure his coalition holds so he can remain in office, and is set to enter talks with allied leaders to secure their support.
His weakened hold on India's parliament was big news to observers concerned about the rise of his ideology, Hindutva, which promotes building a Hindu nation and has been criticized as right-wing and anti-Muslim extremism.
So why did the stock market tumble?
Tuesday's result surprised a world expecting Modi to trounce his opponents and widen his lead in parliament.
India's stock market posted its worst day in four years after the announcement, dropping by as much as 8.5% on Tuesday before ending the day at 5.9%.
Why the loss of faith? Experts aren't expecting monumental change for India's economy, but a coalition government will likely be far less nimble with major policies.
"India's economic and security drivers will remain unchanged. However, a coalition government will often take big decisions more slowly and be less inclined to push states to meet national objectives in areas like the energy transition," wrote Richard Rossow, chair of US-India Policy Studies at the Center for Strategic & International Studies.
And with uncertainty hanging over the BJP's hold on power, questions are growing about what India's policies might soon look like.
Experts like Jeff Lande, a nonresident fellow at the Atlantic Council's South Asia Center, think it's highly unlikely we'll see any reversal in the overall direction of India's economy.
Modi's heavy investment style and capital expenditure should still continue, Lande wrote.
"Policy and political decisions will likely be delayed," he added. "Industry, particularly multinational corporations, and partner governments may hold off on some decisions as they wait and see how the new government develops."
This year's shock result also casts doubt on whether Modi can decisively coalesce enough momentum to rocket the Indian economy forward and allow it to one day catch up with China's.
The country has lagged behind Beijing's rapid growth since the 1980s, and Modi wants to lay the groundwork for India to become a global manufacturing hub in the next few years.
But Kapil Sharma, acting senior director of the Atlantic Council's South Asia Center, said the BJP slipping is good for India's economy as a whole.
The votes show that the average Indian citizen isn't feeling the economic benefits that Modi's policies have brought to the wider nation, and the ruling party will have to govern with extra care to maintain its lead, Sharma wrote.
"The BJP and its coalition government are now operating in a 'now or never' moment," he wrote.
As for foreign policy, most experts say Modi's allies are unlikely to fundamentally alter India's approach.
Rossow of CSIS said Chinese aggression should continue pushing India to work closely with the US.
"The United States' willingness to share advanced weapons systems, contribute to India's domestic defense manufacturing, and offer assistance during periods of military tension with China provides a strong foundation that should withstand political change," he said.
Most experts say the election results show that the world's largest nation still holds onto its democracy.
Gautam Nair, an assistant professor of public policy at Harvard, called Tuesday a "watershed moment" that showed Modi's nationalist message wasn't resonating with voters.
Rossow said that despite Modi extending his influence over key institutions such as the courts, voters are still making their choices count. "This election, even if Prime Minister Modi retains power, shows the power of India's democracy," said Rossow.
Investors who snapped up ASX gold shares on 28 February should be sitting on some outsized gains today.
That’s because 27 February marked the beginning of the sizzling run higher for the gold price.
Just what kind of sizzling run are we talking about?
Well, on 27 February gold was trading for US$2,030 per ounce, already well above the US$1,820 that same ounce was fetching on 5 October.
But amid strong central bank buying, the prospect of lower interest rates on the horizon from global central banks, and increased demand for haven assets, the gold price charged higher from there to hit new records on 20 May.
While bullion has retraced a touch from those highs, it’s still commanding US$2,336 per ounce today. This sees the yellow metal up 15.1% since the end of February.
As you’d expect, that’s been a boon for most ASX gold shares.
Indeed, since market close on 28 February, the S&P/ASX All Ordinaries Gold Index (ASX: XGD) has rocketed 23.0%. For some context the All Ordinaries Index (ASX: XAO) is up 1.4% over this same period.
But with that kind of outperformance already in the bag, is now still a good time to buy ASX gold shares?
Why ASX gold shares could keep shining bright
A range of company-specific factors will determine how well any single ASX gold share will perform over the coming years.
But what happens with the gold price will impact them all.
On that front, UBS has upgraded four ASX gold shares, labelling the Aussie gold sector as “relatively attractive“.
As The Australian reports UBS has upgraded its outlook for Northern Star Resources Ltd (ASX: NST), Genesis Minerals Ltd (ASX: GMD), Regis Resources Ltd (ASX: RRL) and SSR Mining Inc (ASX: SSR).
The upgrades come amid the broker’s upwardly revised expectations for the gold price.
UBS’ analysts have increased their 2025 gold price target by 21% to US$2,700 per ounce. The broker also increased its 2026 price forecast by 34% to US$2,775 per ounce. And UBS’ revised 2027 gold price forecast of US$2,600 per ounce is up 30% from the prior forecast.
In Aussie dollars that would see the 2025 gold price at AU$4,053 per ounce.
Taking ASX gold share Northern Star as one example, the miner’s March quarterly report revealed it was producing gold at an all-in sustaining cost (AISC) of AU$1,844 per ounce (US$1,213/oz). So we’re talking about some hefty potential profit margins here.
Commenting on the upgrades for the ASX gold shares, UBS analysts said:
We have previously flagged some moderate risks around FY 2025 guidance and medium-term cost profiles and have taken the opportunity to update this, but this pales in comparison to the prospect of nearly AU$4,000 per ounce gold.
Should you invest $1,000 in Genesis Minerals Limited right now?
Before you buy Genesis Minerals Limited shares, consider this:
Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Genesis Minerals Limited wasn’t one of them.
The online investing service heâs run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
And right now, Scott thinks there are 5 stocks that may be better buys…
Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.
In case Nvidia(NASDAQ: NVDA) wasn’t already beloved among investors, now the semiconductor giant is enticing income seekers by increasing its quarterly dividend payouts. The distributions still won’t be huge on a percentage basis, but Nvidia’s cash payouts will be a nice bonus for long-term shareholders.
Nvidia made another important announcement along with the dividend hike which may confuse some investors. There’s no need to worry, though, as the upcoming changes won’t diminish the incentive to buy and hold Nvidia stock.
A small yield gets a big raise
Amid a slew of positive first-quarter fiscal 2025 data points, Nvidia’s dividend raise announcement may have gotten lost in the shuffle for some investors. Yet income harvesters shouldn’t downplay the significance of Nvidia’s upcoming quarterly dividend hike.
To recap the announcement, Nvidia will increase its quarterly per-share dividend distribution by 150% from $0.04 to $0.10. There’s still time to get in, as Nvidia’s shareholders of record on June 11 will be paid on June 28 (though, depending on your broker, it might take a few extra days to see the cash payment show up in your account).
What about Nvidia’s stock split?
That’s all simple enough, but there’s another, concurrent announcement from Nvidia that might complicate things. Specifically, Nvidia is enacting a 10-for-1 forward stock split. If you’re an Nvidia shareholder of record on June 6, you’ll receive nine additional Nvidia shares after the market closes on June 7; trading on a split-adjusted basis will begin on June 10.
So, for example, the Nvidia share price might be reduced from roughly $1,160 to $116. What’s known for certain, though, is that the increased dividend distribution will be $0.01 per share after the split rather than $0.10 per share.
A penny per share per quarter doesn’t sound like much, and the forward annual dividend yield will still be minuscule (0.0034%). Still, at least the quarterly per-share payment will be 150% better than the $0.004 it would have been, post-split, without Nvidia’s dividend hike.Â
This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.
Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Nvidia wasn’t one of them.
The online investing service heâs run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
And right now, Scott thinks there are 5 stocks that may be better buys…
David Moadel has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Nvidia. The Motley Fool Australia has recommended Nvidia. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
It’s been a rather pleasant day for the S&P/ASX 200 Index (ASX: XJO) and most ASX 200 stocks so far this Wednesday. At the time of writing, the Index has gained a healthy 0.37% and is back above 7,765 points.
But let’s talk about one ASX 200 stock that’s faring even better.
That stock is employment classifieds share Seek Ltd (ASX: SEK). Seek shares closed at $22.68 each yesterday afternoon. But this morning, those same shares opened at $23.10 and are currently up an eye-catching 4.7% at $23.74.
It appears investors are excited about the announcement Seek just made to the ASX.
Before market open this morning, Seek released an update for investors to digest. This update informed the markets that the company would be in line to receive a US$85 million ($130 million) windfall. That’s thanks to the sale of some of its assets.
ASX 200 stock in line for $130 million payday
Seek has reportedly entered into a binding agreement to offload 98.2% of its stake in OCC Mexico and 100% of its stake in Catho Online. The buyer is the Spanish employment company Red Arbor Holding, S.L.
Red Arbor has agreed to pay Seek US$85 million for these assets. That’s in addition to “customary working capital and other adjustments”.
US$20 million of that sum will be held in an escrow account as “security against certain representations and warranties given by SEEK in connection with the transaction”.
Interestingly, Seek noted that “this is a negotiated sum and is not an estimate of SEEK’s future liability in relation to those matters”.
Seek estimates that this transaction can be completed by the end of this month, June 2024. The proceeds have been earmarked for the reduction of Seek’s debt load.
The company has told ASX 200 stock market investors that these sales are expected to result in a $15-35 million net loss on sale after tax. This is a result of factors like tax impacts, transaction costs, and foreign currency losses.
Saying that, Seek reassured investors that there has been no material change to the company’s earnings guidance for the 2024 financial year as a result of these sales.
As we mentioned above, it seems that ASX 200 stock market investors are approving of today’s announcements. That’s going off the decisive movements of the Seek stock price.
Seek stock price snapshot
Despite today’s move higher, Seek shares have had a rough time on the ASX boards of late. The ASX 200 stock remains down by almost 11.5% year to date. However, shares have risen by 1.45% over the past 12 months.
Even so, long-term investors have endured a 33% drop or so from Seek’s last all-time high of over $35 a share. That came back in late 2021.
At the current Seek share price, this ASX 200 stock has a market capitalisation of $8.46 billion. The company is currently trading with a dividend yield of 1.77%.
Should you invest $1,000 in Seek Limited right now?
Before you buy Seek Limited shares, consider this:
Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Seek Limited wasn’t one of them.
The online investing service heâs run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
And right now, Scott thinks there are 5 stocks that may be better buys…
Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Seek. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
With the All Ordinaries Index (ASX: XAO) up a healthy 0.3% in afternoon trade on Wednesday, we turn our attention to three ASX All Ords shares that were just rerated by leading brokers.
The first ASX All Ords shares earning a broker upgrade today is Infomedia Ltd (ASX: IFM), a software-as-a-service (SaaS) provider for the auto parts and servicing industry.
The Infomedia share price has been on a downward trend since 10 April but remains up 9.0% in 2024.
Shares are down 1.75% today, trading for $1.57 apiece. At that price, Infomedia shares trade on a fully franked trailing dividend yield of 2.6%.
Bell Potter sees significant upside potential for the company. The broker raised Infomedia shares to a buy rating with a $1.90 price target. That’s 21% above current levels.
The second ASX All Ords share getting a broker upgrade is Cooper Energy Ltd (ASX: COE).
Shares in the oil and gas stock are getting hammered today, down 8.2%, trading for 20 cents apiece.
This follows a 4.4% fall yesterday when Cooper Energy released an investor briefing.
On the positive front, the company reaffirmed its FY 2024 guidance. Management is forecasting production of 60.5 TJe/d to 64.0 TJe/d, with production expenses to fall between $57 million and $63 million. Capital expenditure is expected to be $240 million to $280 million.
Canaccord appears to believe the big two-day sell-off is unwarranted. The broker raised Cooper Energy to a buy rating with a 28-cent price target. That represents a potential 40% upside from current levels.
Despite the recent retrace, the ASX All Ords share remains up 57.7% in 2024.
And one stock downgraded
Which brings us to the ASX All Ords share getting a broker downgrade, Whitehaven Coal Ltd (ASX: WHC).
Shares in the ASX coal stock are taking a beating today, down 2.9% to $8.01 apiece.
Longer-term, the Whitehaven share price is up an impressive 37.8% over 12 months. The coal miner also pays some juicy dividends. At the current price, this ASX All Ords share trades on a fully franked dividend yield of 6.1%.
While CSLA cut Whitehaven to an accumulate rating, the broker’s $9.70 price target represents a 21% potential upside from current levels.
As always, if you’re unsure of how or where to invest your money, seek expert advice.
Should you invest $1,000 in Cooper Energy Limited right now?
Before you buy Cooper Energy Limited shares, consider this:
Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Cooper Energy Limited wasn’t one of them.
The online investing service heâs run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
And right now, Scott thinks there are 5 stocks that may be better buys…
Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Infomedia. The Motley Fool Australia has recommended Infomedia. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
Linda Yaccarino was named the chief executive of X, formerly known as Twitter, in May 2023.
Jerod Harris via Getty Images; Kirill Kudryavtsev/AFP via Getty Images.
Joe Benarroch, head of business operations at X, is leaving the company after one year.
Benarroch was a close advisor to CEO Linda Yaccarino, previously working together at NBCUniversal.
He is known as a hard-charging executive and his style has upset people at both NBCUniversal and X.
X chief executive officer Linda Yaccarino's head of business operations, Joe Benarroch, is leaving the company, The Wall StreetJournal reported on Tuesday, citing people familiar with the matter.
Benarroch was a close advisor to Yaccarino and held significant influence over her decisions, people familiar with the pair told the Journal.
Before joining X, previously known as Twitter, the two worked together at Comcast company NBCUniversal, where Benarroch reported to Yaccarino, who was advertising chief at the time.
Benarroch is known as a hard-charging executive and his style has upset colleagues at both NBCUniversal and X, according to the Journal, who cited anonymous people who worked with him.
Benarroch would be leaving X a year after starting at the company. He worked at NBCUniversal for nearly five years and was at Meta before, according to his LinkedIn profile.
X and Benarroch did not immediately respond to Business Insider's request to confirm the news.
In January, Benarroch said that X planned to hire 100 full-time content moderators in Austin and focus on combatting content related to child sexual exploitation. The news came days before Yaccarino appeared before the Senate Judiciary Committee for a hearing on online child safety.
His departure comes after Elon Musk's social media platform announced recent changes to encourage people to use X more.
In late May, an X executive said that they would make "likes" on the site private, so that people could like more "edgy" posts without worry of blowback. Earlier this week, X said it would allow adult content on the platform as long as it came with a warning and was posted consensually.
"This year on May 9, the chief was clearly wearing concealed body armor during the parade," an official said of Putin's appearance at this year's Moscow Victory Day parade. "And that precaution, I think, is necessary."
Putin, who won his fifth term as Russia's president in March, was seen greeting generals at the annual military parade in a live broadcast on May 9. The 71-year-old's movements in the video looked rigid, and Putin was seen adjusting his clothing around his right shoulder several times.
"Putin's upper body frame looks unnatural and his shoulders appear rather wide and square, showing no shape of the back and shoulder blades," security consultant Jade Miller told The Moscow Times.
"In my professional opinion, Putin is wearing some form of ballistic protection during his time attending the parade," she said.
Putin started donning a bulletproof vest in 2023, according to the Russian newspaper. Officials told The Moscow Times that Putin's security team, the Presidential Security Service, had recommended this arrangement.
"God protects the cautious," said another official.
Representatives for the Russian foreign ministry didn't immediately respond to a request for comment from Business Insider sent outside regular business hours.
But Putin might not even fully trust his bodyguards, per Brizhaty, who said the Russian leader often gave his own security service bogus information about his whereabouts.
"This is how much he fears for his life," Brizhaty said.
