Tech billionaire Richard White’s nine lives are starting to run out

After surviving a 12-month avalanche of eye-opening forensics on his scandalous personal behaviour, could it be that billionaire “LinkedIn lothario” Richard White comes unstuck for a relatively prosaic issue of share trading? It happens.

White, who withstood revelations about his proclivity for buying houses and financially supporting women allegedly in exchange for sex, is being investigated because he sold shares in WiseTech.

It looks like White’s Teflon armour might be starting to wear thin.

In keeping with White’s drama-filled recent past, the investigation of his share trading continued with theatrical flair, involving a Monday morning raid by the Australian Securities and Investments Commission (ASIC) and the Australian Federal Police and execution of search warrants, including at WiseTech’s head office.

The drama continued when WiseTech’s shares plummeted by 17 per cent – wiping $4.7 billion off the value of the company and more than $1 billion off White’s personal wealth – at the start of the trading day.

The potential pickle White could be in from the share-trading investigations should not be downplayed, even if it feels less salacious than his private life.

Conventionally, ASIC’s general focus on share-trading has been insider trading, which can be criminal, although the regulator has not confirmed the nature of the share trading it is investigating.

But WiseTech provided a flavour of what’s going on in its statement on Tuesday, saying the AFP and ASIC executed a search warrant requiring the production of documents regarding alleged trading in WiseTech shares by White and three WiseTech employees during the period from late 2024 to early 2025.

White has been a notified seller of shares until last December. But an investigation by Nine mastheads revealed that he continued to offload shares after that time and while he was no longer officially an employee of WiseTech.

In October 2024, he stood aside as chief executive of WiseTech but in February this year, he rejoined the company as executive chairman.

From a governance perspective, it’s difficult to comprehend how White managed to receive a promotion to executive chairman of WiseTech even after half the board resigned following several of his relationships, including one with a staff member, coming to light.

Despite the tumult, White has so far managed to stay on top at WiseTech, but is he starting to use up his nine lives?

He has around one-third of the WiseTech shares and therefore de facto control, so dislodging him from the company is difficult if not impossible. He has also rebuilt the board using long-standing supporters.

White is not just any executive; he is also the founder of this successful company and is considered a key man in its success.

While some shareholders with strict governance criteria for investing in companies would shy away from WiseTech following White’s serial scandals, others have punted on the continued success of this logistics software business.

While White’s personal relationship behaviour may have breached WiseTech’s disclosure guidelines, they didn’t fall within the remit of ASIC.

But certain types of share-trading does. And if ASIC’s investigations involve insider trading – which involves someone trading securities in a listed company based on material non-public information – there are potentially serious ramifications.

So it’s a bit strange that WiseTech has made no mention of White standing down from his position until the ASIC investigation is concluded. But then again, nothing screams survivor like White.

Any other top 20 listed companies would have dispensed with an executive with an equivalent dubious personal form. White by contrast is a human headline.

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