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
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 News
Polls set to open in Makerfield by-election
There are 14 candidates vying to be the Greater Manchester constituency’s new MP.
Source link
-
Crime & Safety4 weeks agoWhat happens to Halifax customers if Lloyds makes changes?
-
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
-
Oxford Events4 weeks agoSalon Privé 2026 unveils first concours entries led by one-off 1952 Ferrari once owned by Juan Perón
-
Business & Technology3 weeks agoNew ‘high-quality’ mushroom business launched in Oxford
-
UK News4 weeks agoRussian threats against Baltics ‘unacceptable’ and danger to ‘our entire union’, EU’s von der Leyen says – Europe live | Europe
-
Oxford united FC4 weeks agoOxford United announce League One season ticket renewal prices
