WiseTech CEO Faces Allegations, Shares Plunge

Richard White, the billionaire CEO and co-founder of WiseTech Global, has faced a significant drop in company shares following revelations of personal controversies, including selling shares to pay his ex-wife, which resulted in a nearly 15% decline in stock value. Allegations have emerged regarding inappropriate behavior and financial settlements with a former sexual partner, prompting WiseTech's board to review the situation. White has denied the allegations, but the scrutiny over his private life continues to affect the company's reputation and stock performance. The firm, which has a market value of about A$41 billion, is actively seeking external advice as it assesses the potential impacts of these revelations. This turmoil has resulted in approximately $6 billion being wiped from the company's market value and $2 billion from White's personal wealth. Media reports indicate that the board is conducting crisis meetings to address the unfolding issues.