SpaceX stock soars in debut and makes Elon Musk the first trillionaire
NEW YORK (AP) — Shares of SpaceX soared 19% in their Wall Street debut, making the rocket maker’s founder and CEO Elon Musk the first-ever trillionaire. The shares opened at $150 and finished Friday slightly below $161. That price gave the company a market value of around $2.1 trillion. Forbes estimates that Musk, who is also a major shareholder in Tesla, is now worth $1.1 trillion. Musk says SpaceX is going public because it needs money to fund its ambitions of putting satellites and data centers in space and eventually establishing a colony of people on Mars. The $75 billion in proceeds from the IPO tops the previous high of $26 billion for Saudi Aramco's IPO in 2019.
Elon Musk's SpaceX is about to make its debut on Wall Street
Elon Musk’s rocket company SpaceX is set to make its debut on Wall Street Friday. Institutional and retail investors jumped at the opportunity to buy 555.6 million shares of SpaceX at $135 apiece. Underwriters now have to match buyers and sellers to determine an opening price. Musk is already the world’s richest man and he could become its first trillionaire. Musk says the company is going public because it needs money to fund its ambitions of putting satellites and data centers in space.
A look at the SpaceX IPO by the numbers
Elon Musk is all about big numbers — millions, billions, even trillions – and there are plenty of them associated with SpaceX and Musk’s plans to take the rocket maker public. The prospectus for SpaceX's initial public offering shows spending at a massive scale — greater than economic output of some countries — and about to grow much larger as Musk races to make good on his promise to hurl people to distant planets. Money raised in the initial public offering — estimated to be $75 billion — will help. The IPO could rank as the largest ever and make Musk the world's first trillionaire.
What Elon Musk's trillion means in real terms
NEW YORK (AP) — Catapulted by the market debut of his rocket company SpaceX, Elon Musk is now the world's first trillionaire. That amount of money, all owned by just one person, was once unfathomable. The trillion-dollar mark was previously reserved for measures like the GDP (or staggering debt) of major economies — and, in under the last decade alone, the value of some of the biggest companies to ever trade on the stock market. The number “one trillion” is hard in itself for the human mind to comprehend. One trillion dollars is a thousand times greater than $1 billion. And a million times more than $1 million.
Paramount Skydance merger with Warner Bros. Discovery won't harm competition, consumers, DOJ says
The U.S. Justice Department has determined that Paramount Skydance’s proposed acquisition of Warner Bros. Discovery is unlikely to be harmful to consumers. The agency said Friday that an investigation by antitrust regulators concluded that the merger would increase competition in areas like video streaming, giving consumers more options. It also found that the merger is not likely to harm competition in the film industry. Paramount Skydance reached the deal in February, beating a rival bid by Netflix. Critics, however, worry about industry consolidation. The merger is still under review by other regulators, including those in Europe and the U.K., with decisions expected in the coming months.
US stocks rise after oil prices ease and SpaceX soars in its debut on Wall Street
NEW YORK (AP) — U.S. stocks rose after oil prices fell again, and SpaceX soared in its highly anticipated debut on Wall Street. The S&P 500 rose 0.5% Friday. The Dow added 0.7%, and the Nasdaq composite gained 0.3%. Stocks got a lift from a 3.4% drop for Brent crude oil's price, as hopes remain for a potential U.S.-Iran deal to get oil flowing globally again. SpaceX leaped 19.2% in its first day of trading, suggesting investors still have plenty of demand for AI-related stocks. Other AI stocks were mixed following their sharp swings over the last week.
Analysis: Iran's stranglehold on Strait of Hormuz loosens as Gulf Arab oil reaches market
DUBAI, United Arab Emirates (AP) — Iran’s stranglehold on the Strait of Hormuz may be easing and its own oil problems now seem to be mounting. The waterway has been effectively shut by Iran’s attacks on shipping since the start of the war. The situation, however, appears to be shifting. Analysts say more oil from Gulf Arab states appear to be getting out. This doesn’t mean the war will be over soon. Nor is the global energy market going to be satiated with that flow. But Iran increasingly feeling the pressure changes the calculus of the crisis, possibly putting more pressure on Tehran to reach a deal.
Treasury expands bank data-sharing rules tied to Trump immigration crackdown
NEW YORK (AP) — The Treasury Department has moved to involve banks more deeply in President Donald Trump’s immigration crackdown. On Friday, they issued new guidance allowing banks to share information about suspected customers more freely. This is part of the administration's effort to remove undocumented workers from the banking system. The changes are framed as a crackdown on fraud and crime. In May, Trump signed an executive order requiring banks to scrutinize customer citizenship. The new guidance expands banks' ability to share information, including flags tied to immigration status.
Iran war is straining African airlines, industry body warns
NAIROBI, Kenya (AP) — The war in Iran is driving up jet fuel prices, worsening supply strains for African airlines. The African Airlines Association says the crisis has exposed reliance on imported jet fuel. Even before the conflict, African carriers were already paying more for fuel. The new pressures are affecting already thin margins. Fuel accounts for 30% to 40% of airlines’ operating costs. Some airlines have introduced surcharges but can't pass all costs to passengers. The crisis has renewed calls for Africa to strengthen domestic refining capacity. Despite pressures, demand for air travel in Africa remains strong, but sustained shocks could impact profitability.
Anthropic says it has taken its latest AI models offline to comply with new export controls
WASHINGTON (AP) — AI giant Anthropic says it has taken its latest artificial intelligence models, known as Fable 5 and Mythos 5, offline to comply with a directive from the Trump administration to prevent their use by foreign nationals. The export controls mark the U.S. government’s most significant step to date to restrict access to the most advanced AI models. Anthropic released Fable widely this week. That model is a limited version of the even more advanced Mythos, to which the company has tightly limited access due to cybersecurity fears. In a statement Friday, Anthropic said it disagrees with the government’s handling of the matter.
