Highlights from the Agency’s Work for Large Tesla Investor
Financial ﬁrms navigate Wall Street’s choppy waters
PR ﬁrms working in the ﬁnance sector managed to drive growth with new account wins and agency offerings in a year characterized by market volatility.
Financial PR firms weathered a rough 2018, which was Wall Street’s worst performance in a decade. The S&P 500 tumbled 6.2 percent. The Dow fell 5.6 per-cent. The NASDAQ declined 4.0. In its December 31 financial wrap-up, CNN cited volatility driven by signs of an economic slowdown, worries over monetary policy, political dysfunction, inflation fears and potential regulation of the technology sector among reasons for Wall Street’s 2018 blues.
It’s the media that matters
Richard Dukas of Dukas Linden PR, No. 7 on O’Dwyer’s rankings of financial firms, said his broadcast media team chalked up a solid 2018 with bookings on CNBC’s “Squawk Box” and “Closing Bell,” Fox Business Network’s “Mornings with Maria” and PBS’ “Nightly Business Report.” On behalf of Ark Invest, DLPR cashed in on the media and investment community’s intense interest in Tesla boss Elon Musk. Ark Invest is the ETF industry’s second biggest shareholder of Tesla. Following Musk’s claim in August that he had a deal to take Tesla private for $460 per-share, Cathie Wood, Ark’s Chief Investment Officer, tweeted an open letter to Musk urging him against the go-private deal. The Tesla chief responded to Wood directly, setting the tone for significant coverage speculating on the wisdom—or lack thereof—of such action. “Wood appeared on the major financial broadcast cable networks 16 times in August, to offer expert commentary on Tesla,” said Dukas. “Her unwavering support likely was key to the strength of Tesla’s stock, despite Musk’s antics.” DLPR notched a 1.9 percent gain in 2018 financial fees to $5.4 million.
This article originally appeared in the May 2019 issue of O’Dwyers magazine and can be viewed here: Odwyers-Magazine-May-2019