UK News
SpaceX makes $1.77tn stock market debut with Elon Musk likely to become world’s first trillionaire today – business live | Business
SpaceX rings the opening bell
And we’re off! SpaceX executives at the Nasdaq stock exchange have rung the opening bell, and the world’s biggest ever stock market flotation is underway.
There’s much celebrating at the Nasdaq, and also at SpaceX’s HQ where Elon Musk and his staff are also clapping excitedly.
A reminder, SpaceX is floating on the market at a valuation of $1.77tn after raising a record-breaking $75bn from investors through its IPO share sale.
The IPO price pushed up Musk’s wealth to $982.6bn, according to Forbes, so a small rise in the company’s share price today would make him the world’s first trillionaire.
Key events
Anti-poverty charity Oxfam warned earlier this week that Elon Musk’s imminent ‘government-backed trillionaire’ status marks “a dark day for democracy.”
They pointed out that Musk would be richer than the poorest 46% of the world population, or 3.8 billion people, combined.
Nabil Ahmed, senior director of economic justice at Oxfam America, said:
“A trillion dollars in the hands of one man is incompatible not only with an affordable economy, but also with a healthy democracy. Economic inequality begets political inequality, and ordinary people bear the brunt while billionaires continue to write the rules for their own benefit.”
SpaceX set to top $2tn valuation in stock market debut
SpaceX appears firmly on track for a $2tn valuation when its shares begin trading.
The ongoing auction process is now suggesting shares could start trading at $175, a big jump on the $135 which investors paid in this week’s initial public offering.
That would give SpaceX a stock market valuation of $2.287tn, I calculate, up from the $1.77tn valuation set in the IPO.
There’s plenty of razzmatazz outside the Nasdaq MarketSite today to mark SpaceX’s IPO, including large images of the company’s rockets:
SpaceX shares indicated to open at $174
SpaceX’s shares are indicated to open at $174, Reuters are reporting, based on the auction process taking place on the Nasdaq right now.
That would be 29% above the company’s IPO price, of $135.
It would push SpaceX’s valuation up from $1.77tn to $2.28tn.
It would also cement Elon Musk’s status as a trillionaire, as Forbes had pegged his wealth at $982.6bn based on the IPO price (Musk owns roughly 38% of SpaceX, plus shares and options in Tesla worth around $280bn).
Photos: Ringing the opening bell
It’s traditional for executives ringing the stock market opening bell to get terribly excited, and clap like a herd of performing seals, and SpaceX’s top brass did not disappoint:
The auction period before SpaceX’s shares start trading could take a few hours, agrees Matt Britzman, senior equity analyst at Hargreaves Lansdown:
“SpaceX has finally touched down on public markets, and the first few hours of trading once shares emerge from the auction period are likely to be noisy.
A company with this profile, this valuation and this level of investor attention is unlikely to drift quietly into the market. But early share price moves should not be mistaken for a clean verdict on the long-term investment case.
SpaceX are set to surge in its stock market debut today, predicts Kathleen Brooks, research director at XTB.
But she points out it may take some time before the shares actually trade:
SpaceX’s IPO has been an historic market event for its sheer size and the scale of demand for its shares. Ahead of its debut on the Nasdaq, the shares are higher by 30% in the pre-market, and could start trading at $175 per share, up from the $135 IPO price, based on prediction markets.
There is so much enthusiasm for SpaceX right now, that it is hard to see the shares slipping anytime soon. The numbers are huge: SpaceX sold $75bn of shares at its IPO, which valued the company at $1.75 trillion. If the stock pops 30% today, then SpaceX will be worth more than $2.4 trillion. SpaceX’s IPO alone is greater than the amount raised in 22 of the last 25 years, and the its IPO generated more money than all IPOs in the US so far this year.
The shares may not trade straight away when the market opens, usually an IPO with this level of enthusiasm trades a few hours after the opening bell, to ensure a smooth transition to the stock market; to do this bankers will typically want to match buyers and sellers for 10% of shares. This should be easy, as we expect SpaceX to be extremely liquid today. The risk is that there are not enough sellers, and if the stock price is volatile, then circuit breakers could kick in, which may halt trading later today.
With trading underway in New York, two of the three major US share indices are a little higher.
The blue-chip Dow Jones Industrial Average rose 300.0 points, or 0.59%, at the open to 51,148.73.
The broader S&P 500 index has gained 0.22%.
But, the Nasdaq Composite is down 0.1%, suggesting a slight softening in tech stocks.
But what we really want to see is a trade in SpaceX’s shares…..
The livefeed from the Nasdaq Marketplace is now playing Elton John’s Rocket Man…
SpaceX rings the opening bell
And we’re off! SpaceX executives at the Nasdaq stock exchange have rung the opening bell, and the world’s biggest ever stock market flotation is underway.
There’s much celebrating at the Nasdaq, and also at SpaceX’s HQ where Elon Musk and his staff are also clapping excitedly.
A reminder, SpaceX is floating on the market at a valuation of $1.77tn after raising a record-breaking $75bn from investors through its IPO share sale.
The IPO price pushed up Musk’s wealth to $982.6bn, according to Forbes, so a small rise in the company’s share price today would make him the world’s first trillionaire.
Musk: We want to take the fiction out of science fiction
Elon Musk is addressing the Nasdaq MarketSite by videolink from SpaceX’s headquarters now, where a large crowd have assembled, clapping and cheering.
Musk says it is “certainly hard to believe” that a little company that started in a warehouse is now going public with the largest IPO ever.
If people had told me this at the start, Musk jokes, he’d have replied “man, you must be smoking some really good crack”.
Musk then explains that SpaceX’s ambition is to “take the fiction out of science fiction”, and create an exciting, inspiring future for everyone.
Crowds gather at the Nasdaq
People are gather outside at the Nasdaq MarketSite in New York City, ahead of SpaceX’s float….
SpaceX to ‘cannibalise capital’
The arrival of SpaceX on the stock market is likely to suck shareholder capital away from other businesses, argues Joel Shulman, CEO of ERShares, which manages an ETF with SpaceX exposure.
Shulman says:
“A dominant company with a $1.77 trillion valuation doesn’t just quietly enter the market. It’s going to cannibalise capital.”
Reminder: the SpaceX IPO was reportedly oversubscribed by three or four times, meaning there may be plenty of disappointed investors looking to buy shares once the company floats today.
Other companies in the space sector are on track for a mixed day’s trading, when the US stock market opens in under 20 minutes.
Rocket Lab are up 2% in pre-market trading.
But Virgin Galactic are down 10% pre-market, having jumped by over 20% yesterday.
Voyager Technologies, who gained 16% yesterday, are on track for a 4% drop.
SpaceX is set to slot into the top ten list of the most valuable listed companies.
If SpaceX shares hold at their offering price ($135), the company’s market value would be $1.77tn, making it equal to Broadcom, the sixth most valuable publicly-traded company, Associated Press point out.
Chipmaker Nvidia is curently the world’s most valuable public company at around $4.9tn.
The excitement is building outside the Nasdaq MarketSite in New York, where one man has turned up in an orange astronaut costume:
Should Elon Musk become the world’s first trillionaire today, it will refocus attention on economic inequality, and renew calls for more effective taxes on wealth.
Ed Pomfret of the Fight Inequality Alliance tells us:
“If you spent a million dollars every single day, it would take you two thousand seven hundred years to spend a trillion. The system that made Musk a trillionaire is the same system that underfunds your hospitals, loads countries across Africa, Asia and Latin America with unpayable debt, and then tells you redistribution is too complicated.
The obstacle to taxing extreme wealth is not the arithmetic. It is the politics, and the politics is owned by Musk and his billionaire buddies.”
UK News
World Cup 2026: England turn on the style; Fifa denies ticketless fans breached security – live | World Cup 2026
Key events
Shall we dip into the BTL comments … Well, why not? The first and third of these are about England: apologies in advance.
The defence is getting a lot of stick for those two goals, but in truth it was the failure of the midfield to get control that led to them. There were too many occasions when there were wide open spaces, loose passes, possession lost in dangerous areas. But the worst aspect was the passivity, the lack of serious pressing. England haven’t got great central defenders so midfield protection is vital.
One of the positive things about the first round of matches has been the refereeing, they’ve clearly decided to officiate with a light touch and it’s so much better for the game when they don’t blow up for every little bit of contact. Players have already realised they’re not getting free kicks by exaggerating every touch and they’re getting short shrift if they’re rolling about on the floor for no reason. Add in the fact that VAR isn’t trying to re-referee every game and I think they’ve got it pretty much spot on so far with their approach. Let’s hope it continues.
For a first game I thought England were fine. The fact we had some gears we could go through and some real power to bring off the bench bodes well. And it’s nice to see a bit of oomph after the years of Southgate tedium. Not sure Stones as first choice centrehalf is sustainable though – he’s not played all season and for all his silkiness I think will just be phased out for the more mobile Guehi.
Good too to see England’s two best players (Kane and Bellingham) actually looking fit and sharp. They were both shadows of themselves in the last tournament and if we’re going to do anything here we’ll need both with energy at the sharp end of the knock-outs.
There was more than a touch of “jibbing in” for England’s opener, if eyewitness reports of lax security and ticket checks are to be believed. And why shouldn’t they be?
Fifa has played down reports that ticketless England supporters were able to gain entry for the World Cup opener against Croatia after evading security checks at the Dallas Stadium.
An unspecified number of fans without tickets are said to have made their way into the ground despite a huge security operation being put in place at the home of the Dallas Cowboys in Arlington. Officials said that snipers were in place inside the stadium, with the Arlington police department deploying “highly trained personnel and specialised resources” at the venue.
But despite those measures and some fans having paid thousands of pounds for tickets, there were widespread reports of supporters without tickets gaining access.
The England midfielder Jude Bellingham believes playing with a “chip on my shoulder” will bring the best out of him at the World Cup.
Bellingham scored the vital third goal as Thomas Tuchel’s side opened their campaign with a 4-2 win over Croatia in the Group L clash in Dallas.
There were uncertainty surrounding Bellingham’s inclusion in Tuchel’s squad for the tournament in North America after missing the September and October camps through injury.
That followed last summer’s international window which ended in Tuchel saying his mother found Bellingham’s behaviour “repulsive”, while his ability (or perceived lack thereof) to buy into Tuchel’s “brotherhood” has also come under scrutiny.
Bellingham was chosen ahead of his friend Morgan Rogers in the No 10 position, before switching to a deeper role, and made an early mark in the tournament.
“For me personally, it was nice to put some of the noise aside and just show my country and my teammates how committed I am to help us try to win football matches,” he told BBC Sport.
“It was a great team performance. Second half, we got things right, first half we got the intensity right, but not quite with the ball and second half we put it all together nicely.
“To contribute, to help my team and help my country is one of the biggest honours and regardless of the noise outside, that honour doesn’t change for me at all.
“It has been a tough season for me but I am feeling fresh and sharp and stronger.
“I have got a little bit of a chip on my shoulder. That helps me a lot to find that focus early in the game and to find that intensity.
“I know that it’s part of being a footballer and I don’t hold a grudge against anyone who says bad things about me because sometimes I do deserve it.
“Today, it was nice to try to show people and remind people what I’m about.” PA Media
A fresh England line hot off the wires coming right up …
If by some bizarre chance you missed it, here’s a gallery of some of the best images from England 4-2 Croatia:
And here is reaction from Harry Kane, Jude Bellingham and Tommy Tuchel:

Jonathan Liew
I fell asleep at some point during the Netherlands v Japan game. It had been a hot and drowsy day by the shores of Lake Annecy, a square and heavy heat, where the sun and the driving and the food and the boxed wine gently squeeze all the life from your body, like air being pressed out of a juice carton.
I remember Virgil van Dijk angling a header into the far corner, and when I came to it was 2-1, and everyone was heading to bed, drunk on tiredness, drunk on life, drunk on drink.
Not all of my friends care for football in any case, and so the World Cup had become a kind of mood music, something to fill the silences in conversation. Through the long and meandering chat about home renovations and Andy Burnham, an indistinct French voice occasionally cut through from a different universe. Maeda. Gravenberch. The Low Countries tempted to attain the final for the first time since 2010. My French isn’t great. Someone prised open a bottle of Heineken. Bodies draped themselves over the couch, fingers scrolled through phones, the immaculate decadence of boredom.

Jacob Steinberg
When Thomas Tuchel won the Champions League with Chelsea in 2021 the success was built on unflinching defensive rigour and midfield discipline. Five years on, though, Tuchel’s England displayed neither of those qualities during a dreadful first half in Dallas. They kept losing the ball in dangerous areas, struggled to maintain their shape without the ball and were rocking when Croatia stung them with a second equaliser just before half-time.
The vibe could hardly have been less convincing. Anthony Barry, Tuchel’s No 2, let rip in an interview with ITV, accusing England of doing all the wrong things, of playing with “a nervous energy”, of making everything “confused and complicated” against opponents well versed in making their craft and experience in midfield count.
Of course, England got away with it in the end, the response in the second half astonishing, Barry’s words no doubt delivered in even stronger terms by Tuchel in the dressing room. Yet while they won their opening game in Group L thanks to a moment of breathtaking power from Jude Bellingham and a late breakaway goal from Marcus Rashford, the overall display was far from good enough.
If you think everything in England’s garden is rosy after banging in four goals against Croatia, Jacob Steinberg has some news for you …
There really is quite a lot of football occurring.
Ghana celebrated a 1-0 win against Panama in Toronto, joining England atop Group L:
And in Group K, Jonathan Wilson witnessed Colombia beating Uzbekistan 3-1, down in Mexico City:
“Let’s have it off,” one excited England fan told Sky Sports News outside the stadium after England’s victory.
Doesn’t he mean “Let’s have it”?
I wish I could say I will be speaking from a position of authority on England’s win against Croatia, but I was on a plane, coming home from Spain.
Therefore, your emails, in which you tell me what happened, and offer your first-class analysis, are going to be particularly important this morning. Get involved.
Mexican military forces intercepted and brought down a drone that flew near the South Korea team’s training camp ahead of its World Cup match against Mexico, a federal official told the Associated Press.
Military forces used specialised equipment to detect an “unregistered drone” near the South Korean camp, prompting them to “neutralise” it, the Mexican federal agent said.
Preamble
England are quite good, it would seem, after their opening Group L 4-2 win against Croatia:
While the rest of the world waits for England to be bad – or at least suffer a heartbreaking penalty shootout defeat against Argentina, or someone – their fans are certainly going to enjoy the next few weeks …
Let’s all talk about the World Cup!
UK News
Voters in Scotland head to the polls for Westminster by-elections
Residents in Aberdeen South and Arbroath and Broughty Ferry are choosing new members of parliament.
Source link
UK News
As Spielberg confirms whether ET was ‘slimy or dry’, we enter a new age of the celebrity interview | Film
For the most part, Steven Spielberg has avoided most of the indignities of the modern day press tour. He hasn’t had to subject himself to any spicy chicken wings, or summon any witticisms when presented with a cloche-covered sausage roll. Unlike many other celebrities, he hasn’t chosen to promote Disclosure Day by answering softball questions while simultaneously fashioning a Lionel Richie-style clay approximation of himself for YouTube. For this he should be applauded.
Instead, Spielberg has spent this promotional cycle on something more suited to his stature. A maestro tour, if you will, on which he gets to position Disclosure Day against a body of work that is second to none. Publications have run long oral histories about his entire career. He was a guest during the prestigious final week of Stephen Colbert’s talkshow. He was interviewed by the New York Times about the exact texture of ET’s skin.
Allow Instagram content?
This article includes content provided by Instagram. We ask for your permission before anything is loaded, as they may be using cookies and other technologies. To view this content, click ‘Allow and continue’.
That last one really did happen. A clip of the interview has gone mildly viral, featuring interviewer Rachel Abrams straight-out asking Spielberg “Was ET slimy or dry?” before suggesting that this is a decades-old conundrum that had long foxed everyone she knows. To his credit, Spielberg answered the question with tremendous gusto, if a little bewilderment. “ET was a little moist but never slimy,” he replied, after shaking his head. He then explained that, while “ET was only dry when he got sick”, it would be wrong to call him slimy. Xenomorphs are slimy, he pointed out. “ET never had tendrils of drool.”
Now, why Abrams asked this question is another matter. The good faith interpretation is that Spielberg has spent the last half-century in the public eye, and been interviewed so many times that he has developed a tendency to become something of an anecdote jukebox, reeling out the hits unprompted. This is something that afflicts only the truly famous but it can be debilitating. There are, after all, only so many times that a person can hear Ringo Starr’s “I thought it was you three” story.
Viewed from this perspective, there is real value in extracting genuinely new information from A-list celebrities. The fact that ET is now canonically moist maybe adds something to the cultural conversation that wasn’t there before? If so, the question deserves to be commended. However, if Abrams just asked a deliberately dumb question to the director of Schindler’s List because she knew it would get clicks, then that is another matter entirely.
We must also question why the subject arose in the first place. Abrams’s justification that it was in the public interest, since it had long been a discussion within her social group, rings a little false, because presumably everyone in her social group has eyes and can see perfectly well for themselves that ET isn’t slimy. It’s right there! All through the film! We know what texture ET’s skin is because ET is a visible character throughout the entire movie. As everybody knows, ET’s skin is clearly pleather or pleather-adjacent, like the skin of a Mediterranean grandmother. There is certainly no slime there. If there was, then the film would have included a scene of Drew Barrymore skidding about in ET’s slug trail, or the climatic hug scene between ET and Elliott would have ended with Elliott looking down at his slime-covered clothes and tutting, “These were new on today.”
But none of that happened so we can reasonably ascertain that ET isn’t slimy and this was a stupid question to ask. Still, the new media landscape loves nothing more than a replicable format, so perhaps this is something we’ll see more of in the future. For all we know, the New York Times is working on a series called Famous Auteurs Answer Self-Evident Questions as we speak, and this time next week they’ll drag Martin Scorsese in to ask if Jake LaMotta had 12 ears, or Paul Thomas Anderson to ask if Daniel Day-Lewis is secretly a mouse. For the avoidance of doubt, I hope this happens.
-
UK News4 weeks agoEx-minister Shapps quits aerospace firm over rule concerns
-
Crime & Safety4 weeks agoRyan Bridge speaks of London arrest after Oxford incident
-
Oxford News3 weeks agoOxfordshire families invited to free day of fun in Bicester
-
UK News4 weeks agoRussian threats against Baltics ‘unacceptable’ and danger to ‘our entire union’, EU’s von der Leyen says – Europe live | Europe
-
Oxford Events4 weeks agoSalon Privé 2026 unveils first concours entries led by one-off 1952 Ferrari once owned by Juan Perón
-
Oxford united FC4 weeks agoOxford United announce League One season ticket renewal prices
-
Crime & Safety3 weeks agoPhotos as 1979 Pontiac Firebird ‘bursts in flames’ at Tesco
-
Business & Technology3 weeks agoNew ‘high-quality’ mushroom business launched in Oxford
