SpaceX IPO drawing massive investor demand
SpaceX's expected stock market debut is approaching four times oversubscribed, a source told Reuters, as investors race to buy into Elon Musk's rocket and satellite company. The IPO could transform both the company and the wider market, with SpaceX's private valuation already in rarefied air. The offering is seen as one of the most anticipated tech listings in history.
US exports rise on strait closure
US exports rose in April, boosted by the Strait of Hormuz closure that drove up demand for American oil. The waterway, through which about a fifth of global oil passes, has seen disruptions amid rising Iran tensions. US crude exporters have stepped in to fill supply gaps, benefiting American energy producers.
EU orders Meta to open WhatsApp; billionaires accelerate
The European Union ordered Meta to open WhatsApp to rival AI chatbots, in a move aimed at increasing competition in the messaging and AI space. Separately, a New York Times analysis found that billionaires' wealth is increasing faster than ever, with the world's richest people adding trillions to their net worth in the past year.