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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.”
The family of Shaun Burton, say they are “devastated” by the loss.
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Key events
In the opening half an hour against Cape Verde, Mikel Oyarzabal, the centre-forward, did not get a single touch.
Kyle Green gets in touch: “Your highlighting of Lalas and his absurdity is something that has prevented me from wanting to watch the coverage on Fox. While every channel has its pros and cons I just can’t.
“I’m 45 and probably the youngest of anyone who remembers him as a player instead of an opinionated insert insult here. As for the match this could be more competitive than it looks on paper Spain need a win the pressure is on them. Saudi Arabia could hold out for a draw and see what happens in their last match. “
News from the England camp, and it seems to be good news on Declan Rice.
“I’m ready and fit, raring to go. I was feeling a little bit of neural pain in my hamstring, which I was managing from after Christmas with Arsenal for a very long time. Obviously, not a lot of people would have known that. It was all behind-the-scenes stuff but it was a smart decision.
“In the end, that last 20 minutes is probably where you pick up the most, and it’s where you play a 70-minute match. But that last 20 is where you really feel your body going for it. And I think it was a smart decision because the last few days I felt really, really good.”
Alex Reid has penned today’s weekend special Football Daily.
Portugal v Uzbekistan on Tuesday enticingly pits the incredibly nice, incredibly 41-year-old-superstar-tolerant Roberto Martínez against Fabio Cannavaro, who’s won a Ballon d’Or as a player and the Chinese Super League as a coach. While the fixture following that game really does see the dream of Thomas Tuchel – in his first international job with England – taking on Queiroz, who is in charge of his ninth national side with Ghana.
The expected formations are 4-2-3-1 for Spain, and 5-3-2 for the Saudi Arabians.
The Saudi team features two Donis changes: Ali Lajami, a defender, and Nasser Al Dawsari, a midfielder, are preferred to Mohammed Abu Al Shamat and Mohamed Kanno. You may recall Salem Al Dawsari, the Saudi captain, as the man who scored the winner against Argentina.
An entertaining read, even for those of us who have just seen the clips.
In a conversation where his co-panelist is casually reminiscing about his days playing alongside Messi or exchanging shirts with Ronaldo Nazário at the World Cup, what exactly is Lalas going to talk about – coming on as a second-half substitute for Earnie Stewart in a friendly against Scotland in 1998? Helping the Kansas City Wizards finish last in the 1999 MLS Western Conference? Did Lalas enjoy an elite playing career? No. But does he do the background reading that could compensate for his relative lack of standing in a conversation with titans like Henry and Zlatan? Also no. But is he charming or funny or charismatic or otherwise magnetic on screen? Eh, no.
For the record, I once interviewed Alexi Lalas on the challenge of playing against Romario in the 1994 World Cup. He had this to say:
“He could kill you in so many different ways. If you remember from that World Cup, he scored so many types of goals. That ranged from solo adventures to an outside-of-the-right-foot half-volley off a corner kick. Romario was both the most difficult to play against and the best that I have faced.
“Roberto Baggio was doing his thing, but in terms of consistency and living up to the hype, he [Romario] was the best. As with all stars, there was a moment when the fans sit up in their seats, and that was a feeling I got with Romario. When it got close to him and the potential for his involvement in a play was there, everybody sat up in their seat. They knew that something spectacular would be happening.”
Saturday’s match reports here.
The Saudi Arabia coach, and Blackburn legend, Georgios Donis, spoke about the challenges facing his team: “Spain is not the same team when Yamal or Williams are on the bench.
“While they still have plenty of possession, they lack the individual one-on-one penetration when these two are missing. I’m not saying it’s a problem for Spain, but when those players are missing, they play in a different way. We saw this very clearly against Cape Verde.
“We are playing against one of the best teams in the world, and it’s very important that when you play against these kinds of teams, you should enjoy the experience and respect the opponent, but not too much.
“It is very hard for any team playing against Spain to have any time in possession. So what we must do is to be more in control of our movement and compact, and when the ball goes through the lines, be able to defend dynamically.
“It’s nice to see miracles in football, and we’ve seen favourites losing against underdogs. Of course, it’s great for Saudi football to have a great memory of the result against Argentina, but we aren’t drawing anything from that.
“I think we’ll feel more pressure in that [Cape Verde] game than we will against Spain.”
The Spain coach, Luis De La Fuente had this to say in his Saturday press conference: “This generation of footballers is highly competitive and really fired up… It’s going to be a completely different story,” he said at his pre-match press conference on Saturday. There is no drama or crisis. The bottom line is simply that we need to win tomorrow.”
Four changes for Spain: Lamine Yamal, Pedro Porro, Dani Olmo and Alex Baena also come into the side with Marcos Llorente, Fabian Ruiz, Ferran Torres and Gavi dropping out.
The teams – Lamine Yamal starts
Spain: Simon, Porro, Cubarsi, Laporte, Cucurella, Gonzalez, Rodri, Yamal, Olmo, Baena, Oyarzabal. Subs: Raya, Joan Garcia, Pubill, Grimaldo, Eric Garcia, Llorente, Merino, Torres, Fabian, Gavi, Pino, Williams, Zubimendi, Munoz, Iglesias.
Saudi Arabia: Al Owais, Abdulhamid, Tambakti, Lajami, Al Amri, Al Harbi, Nasser Al Dawsari, Al Khaibari, Al Juwayr, Al Buraikan, Salem Al Dawsari. Subs: Al Aqidi, Al Kassar, Majrashi, Yahya, Al Shehri, Al Boushal, Kadesh, Al Johani, Al Ghannam, Al Hajji, Al Hamdan, Mandash, Kanno, Thakri, Abu Al Shamat.
Referee: Raphael Claus (Brazil)
Perhaps one of the Saudi -players can write themselves into this high-grade selection?
Perhaps it can be their goalkeeper.
Madrid screening of Spain v Saudi Arabia cancelled due to heat
The public screening of Spain’s World Cup match against Saudi Arabia in Madrid on Sunday has been cancelled because of extreme heat forecast for the Spanish capital, officials said.
The match, due to kick off at 6pm local time on Sunday, had been scheduled to be shown on a giant screen installed by the Spanish football federation (RFEF) at a fan zone in Plaza de Colón in central Madrid.
Madrid city council and the federation decided to cancel the screening after national weather agency AEMET issued an orange heat warning – the second-highest level – for the Madrid region, with temperatures forecast to reach 40C.
“The decision has been taken with the aim of protecting the health of attendees, event staff and support services involved in the event,” Madrid city hall said in a statement, apologising for any inconvenience.
Officials urged supporters to watch the match indoors in air-conditioned spaces and avoid prolonged exposure to the heat.
Large parts of Spain are experiencing unusually high temperatures for June as a mass of hot air from North Africa moves across the Iberian Peninsula.
A total of 13 of Spain’s 17 regions are on orange alert for heat on Sunday, while the northern Basque Country bordering France is on red alert, the highest level.
Authorities advised residents and visitors to take precautions during the heatwave, including drinking water regularly, staying in cool environments, limiting outdoor physical activity during the hottest hours of the day and taking extra care of vulnerable people. AFP
Can Saudi Arabia repeat the magic of 2022?
Argentina arrived in Qatar on a 36-game unbeaten run. When Lionel Messi opened the scoring from the penalty spot after 10 minutes, a comfortable afternoon seemed in the offing. Saleh al-Shehri and Salem al-Dawsari had other ideas, Argentina had three goals disallowed for offside in the space of 13 minutes and the greatest comeback in Saudi Arabia football history was made. Argentina went on to lift the trophy, while defeats to Poland and Mexico meant the Saudis did not reach the knock-out stage.
Unai Simon over David Raya is a controversial choice for De la Fuentes. The Arsenal keeper could lay claim to being Europe’s best this season.
“Those at the Champions League final had a few more days, so I got there on the Wednesday night,” Raya says. “I arrived a bit before Fabián [Ruiz]. I was saying hello to some of the others in reception when he arrived. I went to say congratulations; that was almost the first thing I did. I couldn’t really talk [to him] after the final; I just didn’t have it in me. The next day we talked about the game properly. Just two mates chatting … I was happy for him that he could lift the trophy for a second time.”
A high pressure game for the European champions, as Sid Lowe reports.
“If we had scored one, the game would have changed,” Martín Zubimendi said. Immediately after the game, De la Fuente had offered a simple analysis: when the ball doesn’t want to go in it doesn’t want to go in, he insisted. Spain had racked up 27 shots, after all. Ferran Torres had hit the bar and seen another clear opportunity saved. Vozinha, the 40-year-old goalkeeper who stopped that, saved six more and was named the man of the match. “There’s nothing to reproach the team for,” Rodri said. “We generated chances but couldn’t put it away; the good thing is they created almost nothing.”
We wait to see what role Lamine Yamal will play today. His coach would surely like to be able to use him.
The worst mistake we could make would be to compare him to anyone. He is the midst of a process. He has exceptional footballing maturity and lives it all with total naturalness. He has great serenity and strength. We have to let him follow his path but those players who have something different are ready for that. They’re geniuses, like Dalí [who] can paint a picture, or Michelangelo. They’re different. What is exceptional to us, isn’t to them. In those extremes, they feel comfortable. Why? Because they are different. What we think is exceptional, they consider normal.
Preamble
Spain’s campaign did not get off to a flying start, and Luis de la Fuentes may wake up in the night to visions of Cape Verde’s Vozinha. He will have Georgia on his mind ever since Monday. Saudi Arabia are no pushovers and gave Uruguay a scare in their opening match. Memories of downing Argentina four years ago still abound, and so Spain might beware. They can ill afford to go into the final game with Uruguay at a disadvantage. All eyes on Lamine Yamal, whose fitness situation remains opaque, though Spain need their other forwards to come to the party.
Kick-off 5pm UK, 1pm ET, 2am AEST. Join me.
A topless man can be seen driving erratically in Edinburgh before abandoning his car and attacking a black man and a delivery rider.
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