WiseTech shares tumble on news reports police are investigating founder White
The stock sank after media reports said federal police were investigating allegations that White misused a woman’s visa status and gave false application details.
- WiseTech Global shares fell over 18% on Monday following reports that the Australian Federal Police are investigating executive chairman Richard White over claims he exploited a woman's immigration status for sex and provided false information on a visa application.
- White, the company's billionaire founder and largest shareholder, previously stepped down as chief executive officer in October 2024 amid controversies but retained his executive chairman role.
- The stock's decline slashed WiseTech's market value to $11 billion, making it the top loser on the ASX200; the stock has lost nearly 74% since personal life allegations first surfaced in late 2024.
- Beyond the investigation, WiseTech faces competitive pressure as AI-driven automation threatens its freight software; DSV confirmed in May it is shifting from CargoWise to proprietary AI-powered platforms.
- Analysts estimate White's potential departure could wipe 20% off the firm's value, while the company cuts about 2,000 jobs through an AI-driven revamp to manage mounting costs.
14 Articles
14 Articles
WiseTech Sinks After Reported Police Probe Into Billionaire Chairman
WiseTech Global Ltd. shares tumbled after media reports that the company’s billionaire chairman, Richard White, is being investigated by police over allegations he took advantage of a woman’s immigration status for sex and gave incorrect information for a visa application.
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WiseTech Shares Plunge as Reports of Federal Police Investigation Into Founder Shake Investor Confidence
Shares of Australian logistics software company WiseTech Global tumbled more than 18% on Monday following media reports that the Australian Federal Police are investigating the company’s executive chairman and founder, Richard White, over allegations involving immigration-related matters and his relationship with a woman formerly employed by the company.
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Blue Water Healthy LivingWiseTech shares tumble on news reports police are investigating founder White
(Corrects milestone in first bullet point to lowest closing level since early June 2021, not lowest since early June 2021)By Kumar Tanishk and Anjali SinghJune 22 : Shares of WiseTech Global fell over 18 per cent on Monday on widespread media reports that the Australian Federal Police were investigat
Tech billionaire Richard White faces alleged sex trafficking probe
WiseTech billionaire Richard White is again at the centre of a police investigation involving allegations he exploited a female worker for sex, prompting calls from one of the software titan’s biggest investors for it to “confront the uncertainty” around leadership and succession.
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