Bloomberg Businessweek

Shares of SpaceX climbed in their first day of trading on Friday following a $75 billion IPO that smashed records and instantly turned the crown jewel of Elon Musk’s empire into one of the most valuable public companies in the world.
The stock climbed as high as $176.52, or 31% above its offering price, less than two hours after the shares started trading shortly before noon in New York. The jump in price turned Musk into the world’s first trillionaire and sent the company’s market capitalization above $2 trillion.
For instant reaction and analysis, Bloomberg's Kailey Leinz speaks with:
Yahaira Anand, Bloomberg Television Reporter
Craig Trudell, Bloomberg News Managing Editor of Global Business Coverage
Ed Ludlow, Bloomberg Tech co-host
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The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

Eighty-five percent of recorded music revenue in the U.S. now flows through streaming, and 100,000 AI-generated tracks are being uploaded to those platforms every single day. Because royalties come from a shared pool divided by total streams, every AI track added dilutes what human artists get paid. Napster was about unauthorized distribution — taking music without paying for it. AI goes further: it uses recorded performances to generate competing content that can displace the originals entirely. AI isn't the only threat to the royalty pool — AM/FM radio has operated the same way for decades, playing music without paying performers a cent. The American Music Fairness Act would close that loophole; session musicians, backup singers, and studio players deserve to be paid, the same way every streaming and satellite service already does. And the U.S. is one of the only countries in the world that doesn't require broadcasters to pay performers, so American artists forfeit overseas royalties that end up flowing to foreign artists instead. AMFA would fix that and keep American earnings in American pockets.

For more on AI generated music, Carol and Tim Stenovec spoke with Michael Huppe, President and CEO of SoundExchange, the organization designated by the U.S. government to administer digital performance royalties.
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The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

The most watched sports showdown on Earth - the FIFA World Cup starts today in Mexico City. This year's games will be hosted in three countries - the US, Mexico and Canada - across 16 cities, with 48 teams competing, the most ever. This comes as the event is being overshadowed by political tensions, including conflicts between the US and Iran - driving up fuel prices and creating economic strain for fans.

On this episode, Carol Massar and Tim Stenovec speak with:
Randall Williams, Bloomberg News Senior Reporter AND Vanessa Perdomo Maglione, Bloomberg News Sports Business Reporter
Ed Ludlow, Bloomberg Tech Co-Host AND Bailey Lipschultz, Bloomberg News IPO Reporter on SpaceX IPO latest
Stephen Carroll, Bloomberg Daybreak Europe Host on 'Europe Is Finally, Slowly Getting Its Act Together'
Dr. Sylvia Kwan, CEO of Ellevest on the feminization of wealth and 'wealthcare' for wealth management
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The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

Incline Village has become a billionaires' playground with prime lakefront property, alpine seclusion, and no state income taxes, attracting ex-Californians. The sales volume for single-family homes in Incline Village and Crystal Bay surged to roughly $232 million in the first quarter, with 22 homes sold for more than $2 million. The influx of wealth is raising eyebrows among locals, who worry that the town is transforming into a luxury ZIP code with room for ultrarich tech titans and few others.

For more, Carol and Tim Stenovec spoke with Eliyahu Kamisher, Bloomberg News California Reporter
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The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.
SpaceX’s initial public offering has attracted demand for more than four times the available shares, according to people familiar with the matter, ahead of the Elon Musk-led rocket, satellite and artificial intelligence firm stopping taking orders.The banks are expected to stop taking orders from institutional investors after the market closes in New York at 4 p.m. on Wednesday, people familiar with the matter have said.
SpaceX’s IPO is set to price June 11 and trade the following day. The company is offering 555.6 million shares at a fixed price of $135 each, which would raise about $75 billion, and value it at about $1.8 trillion.
Orders are still being taken and details could change, the people said, asking not to be identified as the information isn’t public. A representative for SpaceX didn’t immediately respond to a request for comment.
On this episode, Carol Massar and Tim Stenovec speak with:
Ed Ludlow, Bloomberg Tech Co-Host On SpaceX
Ben Hylak, Co-Founder and CTO at Raindrop, Former SpaceX and Apple Engineer On Raindrop 2.0 product, and SpaceX from fmr. Engineer perspective
Paul Andre Huet, Chairman & CEO of America's Gold & Silver AND Gary Evans, CEO at US Antimony On latest company news, mining/antimony roundup
Todd Gillespie, Bloomberg News Banking Reporter and Sri Natarajan, Bloomberg News Chief Wall Street Correspondent On Goldman CEO Slammed by Two Lawmakers for Standing by Top Lawyer and Trump Heaps Praise on Citi for M&A Ranking It Doesn’t Have
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