Every time Elon Musk claims to be a self-made trillionaire, remember this: He would be worth $0 without at least $38 billion in corporate welfare from U.S taxpayers & a workforce he can exploit.
Yes. Elon loves corporate socialism for himself, rugged individualism for the rest.
Can’t stop thinking about how Wall Street is celebrating Elon Musk becoming the world’s first trillionaire, while he single handedly eliminated humanitarian aid that will lead to the needless deaths of 4.5 million of the poorest children in the world in the next 4 years.
Many are asking why is SpaceX, $SPCX, NOT trading yet?
Here's exactly how the IPO process works and when the shares will be available to trade (Bookmark this):
The IPO was quoted at 9:50 AM ET and was expected to begin trading at 10:00 AM ET, but that does NOT guarantee shares will trade at that time.
Before trading begins, Nasdaq must complete a price-discovery auction where buy and sell orders are collected and matched.
At around 9:50 AM ET, "first indications" came out which are essentially a "gauge" of where the stock will open.
The first indications on $SPCX came in at $175/share, or a ~30% premium to the $135/share IPO price.
During this process:
1. Orders are entered, but no trades occur yet
2. Nasdaq continuously updates the indicative opening price
3. The opening price is adjusted until supply and demand are balanced
4. Only then does the opening auction occur and the first trade print
For major IPOs, delays are common such as Google in 2004 and Meta in 2012 which saw their first trades over 2 hours after the US market opened.
We expect the SpaceX IPO to open for trading within the next 60 minutes.
Buckle up for a historic day.
This is absolutely insane:
The SpaceX IPO has now drawn more than $70 BILLION worth of retail orders alone.
SpaceX is raising $75 billion, making retail interest ALONE enough to nearly fill the entire sale.
To put this in perspective, the previous record IPO was Saudi Aramco in 2020 at $29.4 billion.
This means that retail interest in SpaceX is now 2.4 TIMES larger than the total amount raised in the previous largest IPO in history.
As a result, SpaceX has announced that 20% of their IPO will be allocated to retail investors, following through on @elonmusk's vision to democratize the record IPO.
Nothing even remotely near what SpaceX is about to do has ever happened.
Friday will be a historic day.