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New ‘anti-woke’ ETF makes Starbucks its first target

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New ‘anti-woke’ ETF makes Starbucks its first target

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A new fund aiming to punish “woke” companies will make Starbucks its first target, as politically motivated investors move to capitalise on Donald Trump’s election.

The actively managed fund, which Azoria Partners expects to launch early next year, will exclude S&P 500 companies that incorporate diversity, equity and inclusion considerations into their hiring processes.

The fund unveiled its Starbucks plan on Thursday at Trump’s Mar-a-Lago resort in Florida.

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The event was due to be attended by Cathie Wood and Kevin Roberts, the ideologue behind the Project 2025 blueprint for Trump’s government, according to an invitation seen by the FT. Wood and Roberts did not respond to requests for comment.

“Americans, whether they voted for president Trump or not, do not want to invest in companies running woke science experiments,” said James Fishback, one of Azoria’s founders, in an interview, referring to hiring practices that factor in diversity. “We are representing shareholders here, and human capital hiring quotas — that hurts all shareholders.”

The coffee chain, with a market capitalisation of about $110bn, denied in a statement to the Financial Times that it had “targets or quotas at any stage of the hiring process”. The chain said that policies cited by Azoria — which included reaching racial and ethnic diversity of at least 30 per cent among corporate employees — were aspirations not quotas, and that they recently expired and were not reinstated.

The new fund is the latest attempt by Trump-supporting investors to push back against DEI and environmental, social and governance initiatives by big US companies — and to profit from the coming change in government in Washington.

Shares in Starbucks, which has around 40,000 coffee shops globally, have lagged behind the broader market this year but have risen since August on hopes that newly appointed chief executive Brian Niccol would turn its struggling business around.

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The new “anti-woke” fund, created by Fishback and his Azoria co-founder Asaf Abramovich, has a list of about three dozen other companies it will exclude from the roster, unless they scrap their DEI policies.

Roberts, president of the Heritage Foundation think-tank, and Wood, founder of Ark Investment Management, were both scheduled to address the event at Trump’s resort on Thursday.

Fishback’s fund does not manage any money yet, meaning the Starbucks campaign lacks the financial heft to influence the retailer’s decisions. Powerful activist fund Elliott Management recently built a large stake in the chain, helping to spur replacement of its CEO earlier this year.

Unlike an activist hedge fund, which buys stakes in companies to agitate for change, Azoria will push its agenda by excluding companies from their index and publicly claim DEI policies are hurting their stock price.

The strategy borrows from so-called environmental, social and governance funds, which excluded investments in polluting industries and were attacked by many conservatives.

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Azoria’s new ETF is set to launch early next year under the ticker SPXM, which stands for S&P Meritocracy. In remarks at the Mar-a-Lago event, Fishback will claim the stocks of S&P 500 companies that factor diversity into hiring have underperformed their rivals.

Some research has contradicted that, including a McKinsey report last year that found companies in the top quartile of racial diversity were 39 per cent more likely to perform better than those in the bottom quartile.

Fishback, who previously worked at hedge fund Greenlight Capital and is mired in a legal dispute with its founder David Einhorn, is among Wall Street investors aiming to cash in on a conservative shift as Trump returns to the White House.

Other politically driven investors have punched far above their weight. The activist investor Engine No. 1 secured three board seats in 2021 at ExxonMobil by mounting a campaign against the oil major while only overseeing $240mn worth of assets.

Fishback argued hiring on ethnic and racial diversity grounds was a political act that would hurt shareholders.

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He said: “Cut that crap out. Hire the best and brightest. Don’t apologise for it, make money, give it to shareholders, and do the right thing.”

Additional reporting by Gregory Meyer and Antoine Gara in New York

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Video: Watch Live: Trump Speaks To Press After Reports of Shots Fired at Correspondents’ Dinner

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Video: Watch Live: Trump Speaks To Press After Reports of Shots Fired at Correspondents’ Dinner

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President Trump gives a news conference after he was rushed from the stage after gunfire broke out in the hotel where the White House correspondents’ dinner was being held on Saturday night

April 25, 2026

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New CEO Steve O’Donnell vows to unite NASCAR and return the fun

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New CEO Steve O’Donnell vows to unite NASCAR and return the fun

Steve O’Donnell, executive vice president of NASCAR, talks about the Next Gen Cup Cars that will be used in the 2022 season during the NASCAR media event in Charlotte, N.C., Wednesday, May 5, 2021.

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Mike McCarn/AP

TALLADEGA, Ala. — Steve O’Donnell wants to bring some fun back to NASCAR, which he calls a “badass American sport.”

O’Donnell was introduced as the sanctioning body’s chief executive officer at Talladega Superspeedway on Saturday and vowed to “make some moves” that will return the storied racing series to its roots.

“We lost that in recent years,” O’Donnell said.

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Majority owner Jim France stepped down as CEO but will remain NASCAR’s chairman, and his majority ownership stake will not change.

O’Donnell will become the first person outside the France family to hold the CEO title.

Bill France Sr. founded the racing series in 1948 and always had a family member in the top role. Ben Kennedy, France’s great-nephew and the son of NASCAR executive Lesa Kennedy France, was promoted to chief operating officer.

“They’re going to take this thing even further,” Jim France said.

Jim France had been chairman and CEO of NASCAR since the 2019 resignation of his nephew, Brian.

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It marks the second promotion in nearly a year for O’Donnell, who has spent 30-plus years guiding NASCAR’s marketing and later competition departments. He was named president in March 2025.

France took a hardline stance in negotiations for the 2025 revenue-sharing agreement, triggering an antitrust lawsuit by Michael Jordan’s 23XI Racing and Front Row Motorsports. The sides reached a settlement in December that granted NASCAR teams the permanent charters they had sought.

France struggled to remember several topics during a shaky first day of testimony and needed several questions repeated.

NASCAR Commissioner Steve Phelps resigned earlier this year after inflammatory texts he sent during contentious revenue-sharing negotiations were revealed during the trial.

O’Donnell escaped unscathed and now gets tasked with NASCAR’s next phase, which he suggested was to make sure everyone knows it’s a “badass American sport.” He vowed to unite the industry, listen to every stakeholder — including fans — and address matters with urgency.

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“It’s what we have to do each and every day,” O’Donnell said. “We’ve got to showcase that.”

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Under Trump, Green Card Seekers Face New Scrutiny for Views on Israel

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Under Trump, Green Card Seekers Face New Scrutiny for Views on Israel

For decades, immigrants who have followed the rules and have not broken the law have had hopes of earning a green card, a document that allows them to live legally in the United States and gain a path to citizenship.

But under new guidance issued by the Trump administration, immigrants can now be denied a green card for expressing political opinions, such as participating in pro-Palestinian campus protests, posting criticism of Israel on social media and desecrating the American flag, according to internal Department of Homeland Security training materials reviewed by The New York Times.

The documents, which have not been previously reported, show how expansively the Trump administration is carrying out a directive from last August to vet green card applicants for “anti-American” and “antisemitic” views.

The administration includes criticism of Israel as a potentially disqualifying factor, with the training materials citing as an example of questionable speech a social media post that declares, “Stop Israeli Terror in Palestine” and shows the Israeli flag crossed out.

The materials were distributed last month to immigration officers at U.S. Citizenship and Immigration Services, which is part of the Department of Homeland Security and handles applications for green cards and other forms of legal status.

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They reflect how U.S.C.I.S. — long considered the gateway agency for legal migration — has rapidly transformed under President Trump into another cog in his administration’s deportation machine. The agency has worked to strip naturalized Americans of their citizenship and has hired armed federal agents to investigate immigration crimes.

The administration is also granting permanent legal residency to far fewer applicants. Green card approvals have fallen by more than half in recent months, according to a Times analysis of agency data.

“There is no room in America for aliens who espouse anti-American ideologies or support terrorist organizations,” Joseph Edlow, the agency’s director, told Congress in February.

Critics of Mr. Trump’s approach say the administration is seeking to restrict legitimate political speech, and has conflated opposition to Israeli government policies with antisemitism.

Basing green card decisions on “ideological screenings is fundamentally un-American and should have no place in a country built on the promise of free expression,” said Amanda Baran, a senior agency official under President Joseph R. Biden Jr.

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Administration officials said they were defending American values.

“If you hate America, you have no business demanding to live in America,” said Zach Kahler, a spokesman for U.S.C.I.S.

Abigail Jackson, a White House spokeswoman, said the administration’s policies had “nothing to do with free speech” and were meant to protect “American institutions, the safety of citizens, national security and the freedoms of the United States.”

The administration has moved aggressively against immigrants for expressing political views that officials have deemed anti-American, making ideology a central part of its immigration vetting process. Secretary of State Marco Rubio has revoked the visas of pro-Palestinian student activists, including one who wrote a column criticizing her university’s response to pro-Palestinian demands.

The Department of Homeland Security has proposed reviewing the social media histories of tourists seeking to visit the United States.

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Immigration officers have significant discretion in deciding whether to grant foreigners long-term permanent residence. They have long considered a variety of factors, including criminal records, national security threats, family ties to the United States and employment histories.

Ideology has also traditionally been one of those factors. In some cases, U.S. law forbids officers from granting green cards to people who have belonged to a Communist or other “totalitarian” political party, have promoted anarchy or have called for the overthrow of the U.S. government by “force or violence or other unconstitutional means.”

But in the past, immigration officers have focused on statements that could incite or encourage violence, given concerns about infringing on constitutionally protected speech, former U.S.C.I.S. officials said.

The new training materials reviewed by The Times guide immigration officers through the factors they should consider when ruling on green card applications. They discourage officers from granting green cards to people with a history of “endorsing, promoting or supporting anti-American views” or “antisemitic terrorism, ideologies or groups.”

Immigration officers have been told to weigh those factors as “overwhelmingly negative.”

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The documents list support for “subversive” ideologies as among other factors that could lead to an application being rejected. As an example, the materials point to someone “holding a sign advocating overthrow of the U.S. government.”

In addition, the guidance describes the desecration of the American flag as a negative factor, citing Mr. Trump’s executive order last year directing the Justice Department to prosecute protesters who burn the flag. The Supreme Court has ruled that flag burning is a form of political expression protected by the First Amendment.

Immigration officers have also been told to scrutinize applicants who encourage antisemitism “through rhetorical or physical actions.” They were instructed to “focus particularly on aliens who engaged in on-campus anti-American and antisemitic activities” after the Hamas attacks against Israel in 2023, the documents show.

Further examples in the documents of conduct characterized as antisemitic include a social media post showing a map of Israel with the nation’s name crossed out and replaced with the word “Palestine.” Another illustrative post suggests that Israelis should “taste what people in Gaza are tasting.”

Immigration officers must elevate all cases involving “potential anti-American and/or antisemitic conduct or ideology” to their managers and to the agency’s general counsel’s office for review, according to the documents.

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In recent months, the agency has also changed the way it refers to the employees who adjudicate green card applications, long known as “immigration services officers.” In job postings, it now calls them “homeland defenders.”

“Protect your homeland and defend your culture,” one posting says.

Steven Rich contributed reporting.

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