SpaceX disclosed Wednesday that it plans to raise $75 billion in its initial public offering, which is expected to occur within a few weeks. Why it matters: This would be the largest IPO ever , and it's not even close. - The current global record is $29.4 billion by Saudi oil giant Aramco in late 2019, while the U.S. exchange mark was set in 2014 by China's Alibaba with $25 billion. Zoom in: SpaceX says that it plans to offer 555.6 million shares at $135 per share. - It would be valued about $1.75 trillion at that price. The big picture: SpaceX began as a space launch company and currently makes most of its money from the Starlink connectivity service. - Its big bet, however, is on artificial intelligence and orbital data centers . -…
Elon Musk and his bankers are working to create a self-fulfilling prophesy for SpaceX’s massive initial public offering: Make investors feel that the risks of passing up the stock outweigh those of buying into it.
With pending deadline to respond to SCOTUS petition, agency chair now agrees that government criticism "is an important part of the American tradition." SEC claim that it doesn't threaten muzzle-breakers undermined by its history.
SpaceX on Wednesday disclosed its filing for an initial public offering, ahead of an expected stock market debut next month. Why it matters: This is expected to be the largest IPO ever, and could make Elon Musk the world's first trillionaire. Catch up quick: Musk launched SpaceX in 2002 with the goal of one day colonizing Mars. - Since then, it has become the world's most successful commercial space company by far and inspired rival efforts by billionaires like Jeff Bezos and Richard Branson. - It has also become a major partner to NASA and created the Starlink satellite internet network. - More recently, SpaceX acquired xAI — Musk's frontier lab that itself had just merged with X (formerly Twitter) — with plans to focus on…
Black Democrats on Capitol Hill are amplifying their calls for Black athletes to boycott state universities in the South, saying those schools have done nothing to fight the Republican gerrymandering that’s led to the elimination of majority-minority districts. Led by the Congressional Black Caucus (CBC), the lawmakers are joining the NAACP and other advocacy groups in advising Black athletes to seek other schools until the universities in the Southeastern Conference (SEC) — a powerhouse of college sports — come out publicly against the GOP’s redistricting campaign. #NAACP #CongressionalBlackCaucus #Democrats #SEC #CollegeAthletics #CollegeFootball #SoutheasternConference #Redistricting
Data: Financial Modeling Prep ; Chart: Christine Wang/Axios Byron Allen , a media entrepreneur known for aggressively trying to roll up various media assets, on Monday announced a deal to buy a majority stake in BuzzFeed. Why it matters: The deal gives the 20-year-old digital publisher a much-needed lifeline. Without a buyer, the company likely would've been forced to file for bankruptcy . - BuzzFeed's stock has been trading under $1 and the company was warned earlier this year it is at risk of being delisted from the Nasdaq for falling below that threshold. - It received a similar notice in 2023 and subsequently approved a reverse stock split to boost its share price and maintain its listing. - Its business has been under enormous…
Elon Musk settled with the SEC in a case that alleged he saved $150 million in 2022 by filing paperwork disclosing purchases of Twitter shares 11 days late.
The agency, which has been pulling back on lawsuits against major companies, ended a case that had accused Mr. Musk of hiding his purchases of Twitter stock. He agreed to pay $1.5 million.
