Connect with us

News

SpaceX shares soar 30% midday, vaulting it to top six most valuable U.S. companies

info

Published

on

Spacexipo nasdaq.jpg

SpaceX lifted off on its first day as a public company, immediately jumping to $150 a share after it began trading on the Nasdaq, around 11% higher than the $135 figure at which it officially priced its IPO on Thursday. The stock price reached as high as $176 in midday trading, pushing the company’s market capitalization to nearly $2.3 trillion, making SpaceX the sixth most valuable public company in the U.S.

The stock pop isn’t a surprise. The company’s IPO was oversubscribed by 4x, according to Bloomberg, meaning many institutional investors didn’t receive allocations and are likely buying shares on the open market.

The demand for SpaceX is also a function of its small float, with only about 4% of shares available for public trading, while early investors and employees hold the rest. SpaceX also successfully lobbied a number of indexes (like the Nasdaq 100) to change their inclusion rules. The company will now join those indexes in a matter of days, not months, increasing demand for SpaceX stock before other large institutions and funds start automatically buying it.

Robinhood said it has seen “record-breaking” traffic on its trading platform Friday in the hours after SpaceX’s historic public markets debut.

The debut is also one of the largest windfalls in the history of venture capital. The returns to Founders Fund, which invested $600 million in the company and owns a 3% stake, are estimated at more than $50 billion at the IPO price of $135, according to Bloomberg. Meanwhile, Andreessen Horowitz’s stake is worth more than $10 billion, and Sequoia’s is valued at over $20 billion.

Debuting at $150 made founder Elon Musk the world’s first trillionaire. The New York Times has reported that around 4,400 current and former SpaceX employees will become millionaires, while around 400 will become centimillionaires.

The original version of this article was published at 11 am ET. The article has been updated with a new share price and other information.

When you purchase through links in our articles, we may earn a small commission. This doesn’t affect our editorial independence.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Seattle Times and Newsday are the latest publications to sue OpenAI and Microsoft

info

Published

on

By

Artifact newspaper icon.jpg

Two more news organizations are suing OpenAI and Microsoft over the supposed use of their journalism to train AI.

A lawsuit filed by The Seattle Times and Newsday argued that with the advent of AI, the journalism industry could become “broken beyond repair.” The lawsuit described generative AI as “a snake eating its own tail” that could “destroy the very organizations” that produce the content it’s trained on.

“AI products like ChatGPT and CoPilot are touted as producers of content, but in fact they are rapacious consumers, devouring human-authored content and delivering back to the world copies and derivative imitations of that same original content they consumed to achieve their commercial objectives,” the lawsuit said.

Back in 2023, The New York Times sued OpenAI and its partner/investor Microsoft over alleged copyright infringement; other publications have followed suit as the case continued. The Seattle Times’ lawsuit is particularly notable because Microsoft and OpenAI have funded some of the organization’s journalism projects and fellowships.

A Microsoft spokesperson told GeekWire that the company is “surprised by the lawsuit” but is “always happy to sit down and explore solutions to this type of dispute.”

Continue Reading

News

2027: NDC confirms governorship candidates in 28 states

info

Published

on

By

Nigeria Democratic Party NDC.jpg

The Nigeria Democratic Congress, NDC, has confirmed that it has governorship candidates in all 28 states where governorship elections will be held in the 2027 general elections.

The National Publicity Secretary of the party, Osa Director, made the clarification in a statement on Saturday.

Director said the party was shocked to discover what he described as a false report and deliberate propaganda circulating in sections of the media and on social media, claiming that the NDC does not have governorship candidates in 12 states ahead of the 2027 general elections.

He stressed that the claim was false, malicious and “a lie from the pit of hell,” alleging that it was intended to mislead Nigerians and undermine the growing momentum of the NDC nationwide.

Recommended

According to him, the NDC has duly nominated governorship candidates in all 28 states where governorship elections will take place in 2027.

“Our party is fully prepared, fully structured, and fully on ground in every state of the federation. The NDC is not a regional party. We are a national movement with candidates, structures, and supporters in all 36 states and the FCT.

“We urge media houses, journalists, bloggers, and content creators to scrutinize their sources and verify information before publishing. Journalism thrives on truth, not rumors. Peddling unverified propaganda only erodes public trust in the media and in our democracy,” he said.

Director reiterated the party’s commitment to issue-based politics, noting that it would not be distracted by what he described as sponsored falsehoods.

“Nigerians are tired of the old order. They are tired of recycled failures. The NDC is the preferred party to salvage Nigeria. With credible candidates, a clear manifesto, and a commitment to security, jobs, and accountability, we are ready to rescue and rebuild this nation in 2027.

“We call on all Nigerians to join the movement. The rescue mission has started,” he added.

Continue Reading

Trending