· 2 min read
illuminem summarizes for you the essential news of the day. Read the full piece on The Telegraph or enjoy below:
🗞️ Driving the news: James Fishback, a Trump-supporting US fund manager, is preparing to bring his "anti-woke" investment fund, Azoria Meritocracy, to Britain with support from Nigel Farage
• The fund targets companies with diversity, equity, and inclusion (DEI) policies, claiming such initiatives harm profitability
🔭 The context: Launched at Trump’s Mar-a-Lago residence, Azoria plans to raise $1 billion by investing in S&P 500 companies while snubbing firms like Starbucks for their diversity hiring goals
• Fishback’s efforts reflect a growing backlash in the US against corporate diversity programs, driven by prominent right-wing voices and figures like Bill Ackman
🌍 Why it matters for the planet: Critics argue that dismantling DEI policies risks undermining workplace equity, reversing progress on inclusion and social justice
• This movement challenges the global push for corporate accountability and diversity as key components of sustainable and ethical business practices
⏭️ What's next: Fishback will visit the UK to meet Reform UK leader Nigel Farage and potentially Conservative leader Kemi Badenoch to align efforts against DEI initiatives
• The fund’s expansion could amplify debates around meritocracy, corporate responsibility, and diversity policies in British businesses
💬 One quote: “Racial and gender hiring quotas are unethical and they’re terrible for share prices. If companies get rid of them, they’ll outperform.” – James Fishback, founder of Azoria Meritocracy
📈 One stat: Starbucks has denied having “targets or quotas” in hiring, stating its diversity goals were aspirational and expired in October 2024
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