Finance
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SpaceX surge further boosts Saudi billionaire prince’s fortune
Friday’s debut share surge for SpaceX is bolstering the fortunes of one of Saudi Arabia’s richest men. Prince Alwaleed bin Talal’s investment firm Kingdom Holding Co. surged at Sunday’s open after SpaceX’s share gains on its first day of trading drove the value of the Saudi firm’s holding to almost $7 billion, or roughly half…
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The Sun Belt boom is over. Midwest real-estate investors say ‘I told you so’
Pick up any real estate publication over the last decade and you’d see the same cities on the cover: Austin. Phoenix. Tampa. Charlotte. Americans relocated there by the thousands, companies went on hiring binges, rents were climbing fast, and every investor with a slide deck was calling it the future of American real estate. The…
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Boomers actually do hold most of the wealth and power. So why do they call it ‘whiny’ to point that out?
Over 2,000 years ago, Aristotle had some bars about the kids these days: “Young men have strong passions, and tend to gratify them indiscriminately,” the great philosopher wrote in Rhetoric. “They are changeable and fickle in their desires, which are violent while they last, but quickly over… They have exalted notions, because they have not…
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A 1% mistake costs $10 billion: Inside the impossible math of managing Elon Musk’s trillionaire SpaceX wealth
Elon Musk managed to break two massive records in the world of business on Friday: launching the largest-ever initial public offering of his company SpaceX and becoming the world’s first trillionaire. Both of these feats were challenging for even Musk to wrap his head around, considering he had said he originally expected the company to…
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Pump pain, Wall Street gain: Iran war sends U.S. oil profits, stocks soaring as the big winners
Consumer frustration may be running high as drivers pay well above $4 a gallon at the pump, but the big winners from the Iran war are U.S. oil producers and refiners whose profits and share prices have soared. The stock values of leading U.S. oil players have jumped 20%-70% this year as crude prices and…
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The hottest debate on Wall Street right now: Does the flood of mega-IPOs and new shares signal a downturn ahead? That depends
Investors swarmed all over SpaceX’s historic IPO and are hyped about public debuts for OpenAI and Anthropic later this year, but they’re also wondering if the good times will keep rolling. While the stock market has demonstrated stunning durability amid shocks like President Donald Trump’s trade war and Iran war, the flood of new shares…
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You can ignore AI giants like SpaceX, but your 401(k) won’t
While you might want to ignore all the hubbub around SpaceX, Elon Musk and IPOs, your 401(k) likely can’t. SpaceX is now worth $2.1 trillion after its stock launched 19.2% higher in its debut on Wall Street. Whether or not you believe it deserves to be worth more than Exxon Mobil, Bank of America and…
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Gen Z fled San Francisco for Texas and Florida. Now they’re turning ‘welcomer cities’ into the next big tech towns
From the mid-2000s through the late 2010s, San Francisco was a magnet for young graduates driven largely by Web 2.0 and the mobile tech boom. It was a cool city that boasted high-paying jobs and promised a breezy West Coast lifestyle. But in the past several years, younger workers have been ditching San Francisco for…
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Inside the race to rebuild America’s fuel supply chain for a ‘second nuclear age’
Nuclear startup firm Antares successfully flipped the switch on its Mark-0 microreactor in June, first to the finish line in the Trump administration’s pilot program race—with a July 4 deadline—for the next generation of reactors to achieve criticality. With the U.S. on the verge of a potential “second nuclear age,” a bevy of projects are…
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U.S. energy secretary says 7 million barrels of oil exiting Persian Gulf daily, but Chevron CEO rebuts the claim
U.S. Energy Secretary Chris Wright said nearly 7 million barrels of oil are now exiting the Persian Gulf daily—about half of the volumes that were stranded by the Strait of Hormuz chokepoint—thanks to U.S. military assistance, but Chevron CEO Mike Wirth rebutted the assertion, arguing that smaller, albeit rising, volumes are trickling out. More oil…