5 hours ago
On June 1, ***** eX issued an amended registration statement for its upcoming IPO that contains a couple of noteworthy additions to the original filing submitted two weeks earlier. In one new provision, the rocket and AI giant announced that it will reserve 5% of the offering's shares for "certain employees and persons… which may include parties with whom we have business relationships and friends and families of our executive officers." The document adds that these grants "will not be subject to a lockup restriction." In other words, the folks who receive these allocations, unlike Elon Musk and top execs who can't sell for around a year, are free to unload their holdings any time after ***** eX's debut, slated for mid-June.
These recipients could pocket gigantic windfalls overnight. It's now widely reported that in the IPO, ***** eX will issue 555.6 million shares at $135 each to raise roughly $75 billion. So it's handing friends and family and chosen employees the right to buy $3.75 billion in shares (5% of $75 billion) at the insider price paid by investors, primarily anointed big institutions, that purchased in the underwriting phase. How much the executives, their relatives and ***** eX business partners gain right away depends on how much ***** eX's stock pops on day one. Of course, we don't know what will happen to ***** eX shares once the bell rings at the Nasdaq. A substantial rise over the pre-trading price would send the valuation into the stratospheric $2 trillion range or higher.
But IPO jumps typically average around 20%, and a strong pop is highly valued by both issuers and book-running bankers as the hallmark of the deal's success. If ***** eX scores a 20% ***** p, the group would reap an immediate gain of $750 million. At 30%, we're talking $1.125 billion. And once again, they're free to exit at any time.
An extra surprise buried in the amended S-1 could provide a pivotal clue for ***** eX's future plans. It's a single new sentence on page 51, in the "Acquisitions, Divestitures and Other Strategic Transactions" section. ***** eX states, for the first time, that it "may issue a significant amount of equity in connection with future transactions." A number of Wall Street observers noted that this declaration is too strong to be dismissed as boilerplate language, and suggested that it boosts the probability that ***** eX will purchase Musk's second largest holding, Tesla. This writer explored this strong possibility in a piece last week.
The "may issue a significant amount of equity" alert trained the spotlight on a big potential deal ***** eX had already discussed in the first S-1, but didn't then attract much notice: Its option to purchase venture-backed AI coding ***** istant Cursor for $60 billion in an all-stock transaction. The acquisition looks highly likely, since if ***** eX cancels, it's agreed to pay a total of $10 billion in breakup and service fees. The looming buy raises a red flag for ***** eX shareholders; a Curs
These recipients could pocket gigantic windfalls overnight. It's now widely reported that in the IPO, ***** eX will issue 555.6 million shares at $135 each to raise roughly $75 billion. So it's handing friends and family and chosen employees the right to buy $3.75 billion in shares (5% of $75 billion) at the insider price paid by investors, primarily anointed big institutions, that purchased in the underwriting phase. How much the executives, their relatives and ***** eX business partners gain right away depends on how much ***** eX's stock pops on day one. Of course, we don't know what will happen to ***** eX shares once the bell rings at the Nasdaq. A substantial rise over the pre-trading price would send the valuation into the stratospheric $2 trillion range or higher.
But IPO jumps typically average around 20%, and a strong pop is highly valued by both issuers and book-running bankers as the hallmark of the deal's success. If ***** eX scores a 20% ***** p, the group would reap an immediate gain of $750 million. At 30%, we're talking $1.125 billion. And once again, they're free to exit at any time.
An extra surprise buried in the amended S-1 could provide a pivotal clue for ***** eX's future plans. It's a single new sentence on page 51, in the "Acquisitions, Divestitures and Other Strategic Transactions" section. ***** eX states, for the first time, that it "may issue a significant amount of equity in connection with future transactions." A number of Wall Street observers noted that this declaration is too strong to be dismissed as boilerplate language, and suggested that it boosts the probability that ***** eX will purchase Musk's second largest holding, Tesla. This writer explored this strong possibility in a piece last week.
The "may issue a significant amount of equity" alert trained the spotlight on a big potential deal ***** eX had already discussed in the first S-1, but didn't then attract much notice: Its option to purchase venture-backed AI coding ***** istant Cursor for $60 billion in an all-stock transaction. The acquisition looks highly likely, since if ***** eX cancels, it's agreed to pay a total of $10 billion in breakup and service fees. The looming buy raises a red flag for ***** eX shareholders; a Curs
14 hours ago
Veteran “60 Minutes” correspondent Scott Pelley blasted CBS News leadership in a fiery meeting accusing editor-in-chief Bari Weiss of “murdering” the revered program, according to a source in the room and an audio recording obtained by NBC News. Tensions between journalists and leadership had already been high since David Ellison took over CBS News’ parent company Paramount in 2025. NBC’s Stephanie Gosk reports for TODAY.
1 day ago
(Bloomberg) -- Russia is exporting the most crude since its invasion of Ukraine back in 2022 as Kyiv's record attacks on its neighbor's oil refineries force more barrels into the global market.
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2 days ago
(NewsNation) — Five Republicans are competing for the chance to face Democrat Rob Sand in the race to become Iowa’s next governor.
Iowa voters will decide which candidate advances from the state’s primary election Tuesday.
Candidates need to receive at least 35% of the vote to win the nomination. If no one meets that threshold, the nominee will be chosen at a party convention.
Midterm calendar: What is your state’s 2026 primary election day?
Polls close at 8 p.m. local time Tuesday.
Iowa voters will decide which candidate advances from the state’s primary election Tuesday.
Candidates need to receive at least 35% of the vote to win the nomination. If no one meets that threshold, the nominee will be chosen at a party convention.
Midterm calendar: What is your state’s 2026 primary election day?
Polls close at 8 p.m. local time Tuesday.
3 days ago
A Paralympic athlete died "in an accident waiting to happen" when a metal bar fell on him, a sentencing hearing at the Old Bailey has been told.
Abdullah Hayayei, a wheelchair using shot putter from the United Arab Emirates, was killed when a training cage collapsed in a gust of wind at a training facility in Newham, London, as he practised for the World Para Athletics Championships in July 2017.
UK Athletics, the event's organiser, is being sentenced for corporate manslaughter.
Keith Davies, 78, UK Athletics' former head of sport, is being sentenced for a breach of health and safety law. Both Mr Davies and UK Athletics pleaded guilty at a hearing earlier this year.
Prosecuting, John Price KC told judge Richard Marks KC that the equipment that killed Mr Hayayei, 36, was missing key components.
Abdullah Hayayei, a wheelchair using shot putter from the United Arab Emirates, was killed when a training cage collapsed in a gust of wind at a training facility in Newham, London, as he practised for the World Para Athletics Championships in July 2017.
UK Athletics, the event's organiser, is being sentenced for corporate manslaughter.
Keith Davies, 78, UK Athletics' former head of sport, is being sentenced for a breach of health and safety law. Both Mr Davies and UK Athletics pleaded guilty at a hearing earlier this year.
Prosecuting, John Price KC told judge Richard Marks KC that the equipment that killed Mr Hayayei, 36, was missing key components.
