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Elon Musk becomes world's first trillionaire as SpaceX soars in stock market debut

Elon Musk on Friday became the world's first trillionaire after shares in his SpaceX rocket company soared during the biggest-ever stock market debut. The Tesla and SpaceX founder comfortably cemented his status as the world's richest man, with his total net worth standing at $1.11tn (£828bn) according to the Bloomberg rich list. It came as the rocket, telecommunications and artificial intelligence (AI) company listed on the Nasdaq stock exchange with a value of $2.2tn. The company said its shares would be offered at $135 each, but trading opened at $150 and briefly reached $176.50 in a show of investor enthusiasm for potential business related to space and companies associated with Musk. The initial public offering (IPO) of SpaceX raised $75bn from investors and underwriters of the deal before shares of the company hit the open stock market on Friday. Musk's 42% ownership stake in SpaceX gives him essentially unilateral control over everything it does. He can spend the money being invested however he likes. According to Bloomberg, his shares in SpaceX were worth $767.1bn at close of trade, and he has another $53.8 in SpaceX options. He also has $168bn in Tesla shares, and a further $116.4bn in Tesla options. Musk's status as the world's first trillionaire immediately sparked debate about wealth inequality. His wealth is now similar to the entire economic output of Poland or Switzerland. Such unheard of wealth has already turned Musk into a powerful and divisive figure in global politics. He gave hundreds of millions of dollars to the re-election campaign of US President Donald Trump after criticising the country's leadership, and for several months last year, Musk led the Department for Government Efficiency (Doge). Through drastic cuts to government spending, Musk was responsible for the closure of the US Agency for International Development (USAID). Such cuts could cause more than 14 million additional deaths by 2030, according to a warning published by researchers in the Lancet medical journal.

Elon Musk becomes world's first trillionaire as SpaceX soars in stock market debut
Europe
The Guardian

Why is the UK launching an ‘Australia plus’ social media ban and how will it work?

The move by Labour follows a consultation with the public looking at ways to reduce harms young people face online. Photograph: Daniel de la Hoz/Getty ImagesView image in fullscreenThe move by Labour follows a consultation with the public looking at ways to reduce harms young people face online. Photograph: Daniel de la Hoz/Getty ImagesSocial media banExplainerWhy is the UK launching an ‘Australia plus’ social media ban and how will it work?Government wants to back parents against tech companies though some feel the process has been rushed Keir Starmer is expected to announce sweeping “Australia-plus” restrictions on under-16s accessing harmful social media apps, a move the government has framed as taking the side of parents against the big technology companies. A consultation on online safety closed on 26 May, giving ministers just weeks to come up with policies after receiving more than 116,000 responses. Industry sources and child safety advocates have described the process as “rushed” and driven by a political timeline. It is not clear when the ban could come into force. Key to the ban is one of the thorniest issues in technology regulation worldwide: how can tech companies verify details about their users without invasive measures – such as requiring government-issued IDs? The UK regulator Ofcom offers some flexibility in how age verification is done under the Online Safety Act. That could change under the ban. Starmer is preparing to ban access for under-16s to a number of social media apps – sources close to the process expect this to include all the major social media apps. Currently, the age restriction for major social media platforms is 13 but there is no official government-mandated age limit. He is also expected to announce restrictions for platforms that are not banned, with certain features withheld for under-16s. Those features will include chats with adult strangers and livestreaming. It has also been reported that 16 and 17-year-olds will be set time limits for using social media. Under-18s are also expected to be blocked from using romantic or sexual AI chatbots. The prime minister has been sceptical about introducing a ban. His concerns have included whether such a move would push teenagers on to the dark web or leave them with the “cliff edge” scenario of entering the world of social media at the age of 16 with no experience of how to handle it. However, the introduction of an under-16 ban in Australia has led to a change of heart, having prompted many Labour MPs and some cabinet ministers to push for the UK to do the same. In January, more than 60 Labour MPs wrote to the prime minister calling for a ban. There has also been a steady drumbeat of pressure from safety campaigners for further restrictions, although views on an under-16 ban are mixed within that group. The Molly Rose Foundation, a charity established by the family of Molly Russell, a British teenager who took her own life after viewing harmful online content, said a ban would be “unenforceable” and “masks the absence of any credible plan to stop childhoods being blighted and young lives lost by out of control algorithms”. Parents support a ban, with nine out of 10 parents who responded to the consultation expressing support for it. The UK already has a legal framework for tackling harmful content, the Online Safety Act, which is overseen by the communications watchdog, Ofcom.

Why is the UK launching an ‘Australia plus’ social media ban and how will it work?
Europe
The Guardian

How much money did Elon Musk make in SpaceX’s stock market debut?

Elon Musk on 19 November 2025. Photograph: Brendan Smialowski/AFP/Getty ImagesView image in fullscreenElon Musk on 19 November 2025. Photograph: Brendan Smialowski/AFP/Getty ImagesElon MuskExplainerHow much money did Elon Musk make in SpaceX’s stock market debut?He’s now the world’s first trillionaire, after his rocket and AI company broke IPO records on its way to a $2.1tn valuation Elon Musk is now the world’s first trillionaire. SpaceX’s historic debut on the stock market on Friday launched the CEO to unprecedented levels of wealth; his personal fortune now amounts to $1.1tn, an increase of more than $62bn since the previous day, according to Forbes. The rocket, satellite and AI company raised $75bn from its record-breaking initial public offering (IPO), and is now valued at $2.1tn after its first day of public trading. Musk was already the world’s wealthiest person. In the days before SpaceX officially went public, his net worth hit $782bn, dropping by $50bn in one month due to a decline in Tesla’s share price, according to Forbes. However, the figure represents a huge leap from a decade ago, when the tech executive’s net worth hovered around $14bn – and an even bigger jump compared with 15 years earlier, when he was worth just $680m, according to Forbes. It can be hard to conceptualize such exorbitant wealth. To drive home just how much money $1.1tn is: only about 21 countries’ yearly economic output exceeds $1tn. Even Musk’s birthplace isn’t part of that elite club; South Africa’s output of goods and service is closer to $480bn. A trillion dollars is enough to buy 243bn gallons of gasoline. (That’s more than the nearly 137bn gallons Americans used last year.) SpaceX’s stock soared after its debut. At market close, at 4pm ET, its share price was $161, up 19% from its initial price of $135 per share. SpaceX had opened at $150 a share before peaking at $176 at midday. The vast majority of Musk’s money is tied up in stocks and equity, and isn’t available as cash he can quickly spend. His portfolio of companies includes Tesla, the electric car maker, and xAI, the AI startup that was folded into SpaceX earlier this year. Musk’s fortune is unprecedented, not just for its size but the speed at which it grew. “If you look at a graph, it looks like a hockey stick. It’s only in 2020 that his personal net worth truly went bonkers,” says Quinn Slobodian, a history professor at Boston University and the author of Muskism: A Guide for the Perplexed. Around 2020 was when Musk first became the world’s wealthiest person and Tesla the world’s most valuable car company. “Musk has a proven track record in creating sectors out of nothing,” Slobodian says. There’s a sense to “never bet against Elon – he’ll always make you money”, he adds. A few months before SpaceX’s stock market debut, Musk wrapped his AI startup, xAI, into SpaceX in a record-breaking deal. SpaceX has proposed launching up to 1m datacenters into space, as part of its ultimate goal of establishing colonies on the moon and Mars. This lean into AI is what’s allowed Musk to claim such high valuation for SpaceX – because many investors now believe “AI is such a once-in-a-millennium opportunity that it merits these extravagant expectations”, says Mihir Desai, a professor at Harvard Business School. Desai says the space business alone wouldn’t have generated such excitement.

How much money did Elon Musk make in SpaceX’s stock market debut?
Asia
The Hindu BusinessLine

Open-market buyback set to surge as cash returns hit 3-year high

The Securities and Exchange Board of India (SEBI) has brought back the more flexible stock exchange route for open-market buybacks by listed companies at a time when India Inc is stepping up capital returns to shareholders, with buyback announcements this year already surpassing the full-year totals of the previous two years. Companies have announced buybacks worth nearly ₹25,000 crore so far in 2026, compared with ₹19,175 crore in 2025 and ₹13,539 crore in 2024, according to Prime Database. The figure is already at its highest since 2023, when companies announced buybacks worth ₹48,452 crore before the exchange route was phased out. Unlike the existing tender offer route, where companies repurchase shares at a fixed price during a specified offer period, the stock exchange route allows purchases directly from the market at prevailing prices over a defined period. “SEBI’s decision to allow two buybacks in a year aligns the regulations with the Companies Act Amendment Bill, 2026 and provides listed companies greater flexibility in capital management, which is critical when India Inc has already announced buybacks worth ₹25,000 crore in 2026 so far, the highest since 2023,” said Makarand M Joshi, Founder Partner at MMJC & Associates. Pulkit Sukhramani, Partner at JSA Advocates & Solicitors, said: “Companies seeking to consolidate ownership and enhance stock value may find the open market buyback route particularly advantageous. Buybacks conducted through stock exchanges not only reduce administrative burdens but also provide greater flexibility regarding both timing and pricing.” SEBI’s board on Friday approved reintroducing the stock exchange route for open-market buybacks from August 1 after phasing it out over the past three years. While 22 companies used the exchange route in 2022 and seven did so in 2023, every buyback announced in 2024, 2025 and 2026 has been through the tender offer route. The earlier tax framework had made the mechanism unattractive since investors participating in buybacks were taxed at dividend tax rates, making the route less attractive than selling shares in the secondary market, where capital gains tax applied. Subsequent changes to the tax framework restored capital gains treatment for most investors participating in buybacks, removing one of the key reasons the mechanism had fallen out of favour. The mechanism returns with tighter safeguards, including a shorter execution window of 66 working days instead of six months, a requirement to complete at least 40 per cent of the proposed buyback during the first half of the offer period, enhanced disclosures and restrictions on purchases from promoters and promoter group entities. Companies will also have the option of undertaking buybacks without appointing a merchant banker, with the related responsibilities being shared among the company, its compliance officer, statutory auditor, secretarial auditor and stock exchanges. The pipeline includes Wipro’s ₹15,000-crore buyback, Bajaj Auto’s ₹5,633-crore offer and Zydus Lifesciences’ ₹1,100-crore proposal, along with offers from Cyient, TeamLease Services, Kajaria Ceramics, Rolex Rings, Dhanuka Agritech, Cybertech Systems and Gandhi Special Tubes. Market participants said the revival gives companies announcing buybacks after August an additional execution option, although it is too early to assess how widely the exchange route is adopted. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

Open-market buyback set to surge as cash returns hit 3-year high
Asia
The Hindu BusinessLine

India restores 34 million hectares of degraded land, boosts rural livelihoods

Nearly 34 million hectares of degraded land have been restored across the country over the last 12 years, improving agricultural productivity and creating better livelihood opportunities, Nitin Khade, Joint Secretary, Department of Land Resources, Ministry of Rural Development said on Saturday. Speaking at the 5th NAREDCO Mahi Real Estate Convention 2026 in New Delhi, Khade stressed the need for sustainable urbanisation while strengthening rural economies and conserving natural resources. Highlighting the work undertaken by the Department of Land Resources, Khade said that “nearly 34 million hectares of degraded land have been restored over the last twelve years, improving agricultural productivity and creating better livelihood opportunities.” He said that despite ongoing efforts to make cities more liveable, several challenges continue to persist, requiring alternative development models that support both rural and urban growth. Expressing concern over emerging water challenges and changing climatic conditions, Khade underlined the need for water conservation measures across urban and rural regions. He urged the real estate industry to contribute more actively to water conservation and rural development initiatives, saying sustainable growth would require “a balanced approach benefiting both cities and villages.” The remarks came during a panel discussion on “Global Pathways to Sustainable Social Development and Self-Sufficient Cities” at the convention held at Yashobhoomi, New Delhi. Former Housing and Urban Affairs Secretary Durga Shankar Mishra said future cities must be self-sufficient in critical resources while remaining inclusive and accessible. “Sustainability is fundamentally about ensuring the long-term survival and prosperity of cities,” Mishra said. He added that future cities must be self-sufficient in “water, energy and human capital” while remaining inclusive for all sections of society. “Cities are for the people. They must provide quality housing, robust infrastructure, efficient mobility and a better quality of life for every citizen,” he said. Mishra also highlighted the role of government programmes such as the Swachh Bharat Mission, AMRUT and Smart Cities Mission in reshaping India’s urban landscape over the past decade. NAREDCO Mahi Chairperson Ananta S Raghuvanshi said sustainability has become a necessity amid rapid urbanisation and growing pressure on infrastructure. “Sustainability today is no longer an option but a necessity,” she said, adding that discussions around sustainability have now moved “to the centre stage.”

India restores 34 million hectares of degraded land, boosts rural livelihoods
Asia
The Hindu BusinessLine

India aims to be defence manufacturer, not buyer: PM

Prime Minister Narendra Modi on Sunday said India does not want to remain merely a buyer in the defence sector as the country seeks to become a major manufacturer and one of the decisive players on the global stage. Speaking after commissioning three indigenously built naval ships-- INS Agray, INS Dunagiri, and INS Sanshodhak-- at the Syama Prasad Mookerjee Port in Kolkata, Modi said strong maritime capabilities are the deciding factor for a country’s economic and strategic influence, and India understands this well and is preparing for it. Designed by the Indian Navy’s Warship Design Bureau and constructed by Garden Reach Shipbuilders & Engineers, these naval ships represent key operational capabilities across maritime combat, hydrographic surveying, and anti-submarine warfare. “The strength of the nation’s defence sector cannot be measured by its dependence on global markets but by its ability to become self-reliant. India seeks to become a producer and a manufacturer, because nations that manufacture become decisive players on the global stage,” the Prime Minister pointed out, informing that more than 40 indigenously built warships and submarines had been inducted into the Indian Navy over the past few years. Nearly every few weeks the Navy has received a new capability, while 45 major naval platforms are currently under construction. “These figures are not merely statistics but indicators of India’s industrial capacity and future potential,” Modi said. Recalling the commissioning of INS Vikrant, he said that it had marked the beginning of a new chapter in India’s maritime journey and announced India’s growing naval strength to the world. The journey from INS Vikrant to the commissioning of INS Agray, INS Dunagiri and INS Sanshodhak is not merely a story of new warships but also a reflection of India’s increasing self-reliance, he said. Earlier in the day, the Prime Minister led the nation in observing the 12th International Day of Yoga from Kolkata’s iconic Red Road, where around 35,000 people joined him in performing the morning exercises. “June 21, in some parts of the Earth, marks the longest day, and because of International Yoga Day, this day has also become the day of the world’s largest collective celebration,” Modi said. The theme for this year’s celebration, “Yoga for Healthy Ageing,” highlighted the role of yoga in enhancing physical health, mental well-being, emotional resilience and active ageing, thereby improving overall quality of life. “Yoga is not just a physical exercise, not restricted to any age group; it is an expression of the human spirit. Our target should be more flexible at 40 than we were at 20, and to be more energetic at 50 than we were at 30,” Modi said, expressing happiness at having the opportunity to visit the historic land of Bengal, which has played a pivotal role in shaping India’s intellectual, cultural and national renaissance. “Let us pledge not to limit yoga to just one day or a single event; let us make yoga an integral part of our lives,” he added. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

India aims to be defence manufacturer, not buyer: PM
Asia
The Economic Times

9 Sensex stocks with up to 40% upside potential. Are these in your portfolio?

Analyst forecasts often offer more than just numbers; they provide insights into where the next wave of market opportunities may emerge. For investors scanning the Sensex for potential outperformers, the latest analyst consensus highlights several heavyweight stocks that could deliver strong returns over the coming year. According to Trendlyne data, multiple Sensex stocks show attractive upside potential over the next 12 months based on average analyst target prices. This "upside" represents the expected gain from current levels and serves as a research-backed indicator for investors seeking to position themselves ahead of potential rallies. Among them, nine Sensex stocks stand out, with projected gains ranging from 20% to 40%, suggesting strong return potential in an increasingly selective market. TCS is currently trading at Rs 2,125, while analysts have set an average target price of Rs 2,967, indicating a potential upside of 40%. Among the 42 analysts covering the stock, the consensus recommendation is Buy. Infosys is currently trading at Rs 1,051.40, with an average analyst target price of Rs 1,461, suggesting an upside potential of 38.95%. The stock carries a Buy consensus rating from 40 analysts. Mahindra & Mahindra is currently trading at Rs 3,074.80. Based on analyst estimates, the average target price stands at Rs 4,126, implying a potential upside of 34.17%. Among the 35 analysts tracking the stock, the consensus rating is Strong Buy. HDFC Bank is currently trading at Rs 779.80, with analysts projecting an average target price of Rs 1,040. This represents a potential upside of 33.35%. The stock has earned a Strong Buy consensus rating from 39 analysts. Eternal is currently trading at Rs 264.30, while the average analyst target price is Rs 347, indicating a potential upside of 31.10%. Out of 32 analysts covering the stock, the consensus recommendation is Buy. Reliance Industries is currently trading at Rs 1,309.50. Analysts have set an average target price of Rs 1,697, implying a potential upside of 29.57%. The stock enjoys a Strong Buy consensus rating from 32 analysts. ICICI Bank is currently trading at Rs 1,346.50, with an average target price of Rs 1,675 based on analyst estimates. This suggests a potential upside of 24.38%. Among the 39 analysts covering the stock, the consensus rating is Strong Buy. Bajaj Finserv is currently trading at Rs 1,769.40, while analysts have an average target price of Rs 2,160. This points to a potential upside of 22.05%. The stock has a Buy consensus rating from 15 analysts. UltraTech Cement is currently trading at Rs 11,367, with an average analyst target price of Rs 13,687. This implies a potential upside of 20.41%. Among the 39 analysts tracking the stock, the consensus recommendation is Strong Buy.

9 Sensex stocks with up to 40% upside potential. Are these in your portfolio?
Asia
The Hindu BusinessLine

Index Outlook: Lifting hopes

Nifty 50, Sensex and Nifty Bank index opened the week with a wide gap-up last week. Thereafter they broadly stayed stable but higher all through the week. All the three indices were up over 1.5 per cent each last week. The US and Iran agreeing for a peace deal trigger this gap-up open last week. On the charts, the picture is positive. Sensex and Nifty have resistance ahead. They are likely to breach this hurdle and move further higher. Nifty Bank index on the other hand can remain in range for some time. Eventually it is likely to make a bullish breakout of its range and go higher. The Foreign Portfolio Investors (FPIs) snapped their eight-week selling spree. They bought $251 million in the equity segment. If they start to accelerate their purchase, then it can aid the Nifty and Sensex to gather bullish momentum. We will have to wait and watch. Short-term view: The follow-through rise last week turns the picture positive. Support is in the 23,800-23,600 region. Resistance is at 24,250. Nifty can breach this hurdle and rise to 24,500 and 24,800 in the coming weeks. The short-term picture will turn negative only if the Nifty declines below 23,600. If that happens, a fall to 23,300 and 23,000 can be seen again. But that looks less likely. The price action on the chart suggests that the Nifty can sustain very well above the 23,800-23,600 support zone. Medium-term view: Nifty seems to have resumed its upmove within the broad 22,000-26,500 range. A break above 24,800 from here will clear the way for a rise towards 26,500 – the upper end of the range. The overall picture continues to remain positive. As such we expect the Nifty to make a bullish breakout above 26,500 eventually in the coming months. Such a break can take the index higher to 28,000 and 30,000 in the long term. The bullish view will go wrong only if the Nifty declines below 22,000. That looks less likely at the moment. Short-term view: The break above 57,000 and the rise to 58,000 happened in line with our expectation. Last week’s candle indicates a kind of indecisiveness in the market. Support is at 56,500 and resistance is at 58,800. Nifty Bank index can oscillate in a range of 56,500-58,800 for some time now. However, the bias remains positive. So, an eventual break above 58,800 can take the index higher to 60,500-61,000. The index will come under pressure for a fall to 56,000 or 55,000 only if it declines below 56,500. Medium-term view: The outlook remains bullish. Key resistance to watch will be the 60,500-61,000 region. A decisive break above 61,000 can boost the momentum. It can then take the Nifty Bank index up to 65,000 in the medium term. From a long-term perspective, the index has potential to target 68,000-69,000 on the upside.

Index Outlook: Lifting hopes
Asia
The Hindu BusinessLine

Reliance Jio Board approves DRHP for IPO before SEBI on June 19

Reliance Industries will file for the Initial Public Offering (IPO) of its digital arm Reliance Jio before the Securities and Exchange Board of India (SEBI) on June 19, Chairman Mukesh Ambani announced during the company’s annual general meeting. “With great delight, let me tell you that the Board of Jio Platforms has approved the Draft Red Herring Prospectus earlier today, and it will be filed with SEBI today. Isha, Akash, and Anant are heading the Jio IPO process, and will lead the next generation of value creation opportunities in the future,” said Ambani, stating that the IPO demonstrated India’s prowess in building technology companies of global scale, global capability, and global value. The IPO announcement was the most anticipated development for the latest AGM. Brokerages estimate Jio Platforms’ value at around $180 billion, one of the largest potential public offerings in Indian corporate history. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

Reliance Jio Board approves DRHP for IPO before SEBI on June 19