Episode Details

DAMION

Let’s start with a softball: Tesla's Europe sales plunge 49% on brand damage, rising competition. Who Do You Blame?

Elon

Liberals Who Hate Elon

Trump 2.0

The Tesla board (I’m looking at you Robyn and Kimbal)

Apathetic Tesla investors

Nobody. Share price is king. MM

ISS backs Dynavax directors in board fight with Deep Track Capital

Deep Track Capital, which is Dynavax's second largest shareholder with a nearly 15% stake, is pushing on with a proxy fight and wants new directors to prioritize development of the company's hepatitis B vaccine instead of pursuing new acquisitions.

"Vote for all four management nominees," ISS wrote in a note to clients that was seen by Reuters. "The dissident has failed to present a compelling case that change is necessary at this meeting."

Despit that "There has been a stall in momentum" and that "the market has in no way rebuked the company's strategy" even though Dynavax's stock price has fallen 18% over the last 12 months.

Who Do you Blame?

ISS, for an inability to articulate big ideas with data.

Dynavax’s current board knowledge profile: while pretty balance overall with science-y stuff like Medicine and Dentistry (14%); Biology (15%) along with a reasonable amount og Economics and Acounting (12%), the board notably lacks Sales and Marketing (0%).

Deep Track Capital nominee probably fits that bill: an experienced drug development and commercialization professional most as interim CEO/COO at Lykos Therapeutics, including overseeing the commercialization of Moderna’s COVID-19 vaccine and marketing and sales at Sanofi Pasteur

ISS, again, for ignoring the presence of 15-year director and Nominating Committee chair Daniel Kisner. Why is this guy allowed to maintain dominance over the selection of new directors?

Especially consider the presence of fellow long-tenured director Francis Cano on the committee who is 80 and has served for 16 years

Cano had 29% votes against in 2018, but then only 4% in 2021 and 8% in 2024 

The board’s atrocious lack of annual elections. While the company celebrities the appointments of two new directors in early 2025, one of them, Emilio Emini, will not be up for shareholder review until the 2027 AGM