J&J plans $55 billion in U.S. investments

Johnson & Johnson says it will invest more than $55 billion in the United States over the next four years, including four new manufacturing plants.

A number of companies have highlighted investments in the U.S. in recent months, a focus of the Trump administration. J&J rival Eli Lilly and Co. announced in late February that it planned to build four new factories in the U.S. Both Lilly and J&J cited tax cut legislation passed in 2017 as factors in their U.S. investments.

Johnson & Johnson said Friday that it is a 25% increase in investment compared with the prior four years and estimates the U.S. economic impact will be more than $100 billion a year.

“Our increased U.S. investment begins with the ground-breaking of a high-tech facility in North Carolina that will not only add U.S.-based jobs but manufacture cutting edge medicines to treat patients in America and around the world,” Chairman and CEO Joaquin Duato said in a statement.

The North Carolina plant is in Wilson, just east of Raleigh. The locations of the other three facilities were not disclosed.

Aside from building four new plants, Johnson & Johnson said that it will expand several existing sites.

Musk to Tesla staff: Hang on to stock

Elon Musk sought to reassure Tesla employees during what he referred to as “a little bit of stormy weather” after the car maker’s shares plunged more than 50% in just three months.

“If you read the news, it feels like Armageddon,” Musk said during an all-hands meeting broadcast late Thursday on X. The chief executive officer joked that he can’t walk past a television without seeing a Tesla on fire, then mocked his detractors. “I understand if you don’t want to buy our product, but you don’t have to burn it down. That’s a bit unreasonable.”

The CEO then launched into a familiar pitch that Teslas will soon be capable of driving autonomously. Although the company has yet to execute his predictions, Musk recently referred to himself as “the boy who cried wolf.” He reiterated a claim he’s made at least as far back as 2016 that Teslas are an eventual software update away from self-driving.

“What I’m saying is hang on to your stock,” Musk said. Tesla shares fell as much as 1.4% to $233.06 on Friday. The stock has plummeted from a record high of $479.86 on Dec. 17.

JPMorgan leaves Net Zero alliance

JPMorgan Chase Co.’s asset-management unit is quitting the Net Zero Asset Managers initiative, adding to the growing number of defections from financial industry climate alliances.

The company said in a statement that it made the decision after NZAMi announced earlier this year that it has paused operations because of the changing regulatory environment and client expectations.

The departure of J.P. Morgan Asset Management, which oversees about $3.6 trillion, comes about two months after NZAMi said it was conducting a review to ensure that it remains “fit for purpose.”

NZAMi’s announcement quickly followed the departure of BlackRock Inc., the world’s biggest asset manager, from the group.

Fund managers and banks have been under pressure in recent years from Republican politicians to scale back their climate commitments.

Compiled from Associated Press and Bloomberg reports.