Good evening and welcome to Markets Desk.
Elon Musk's net worth hit a record seven hundred twenty-two billion dollars Thursday, after SpaceX's IPO filing revealed he holds virtually no margin loans against his shares. Bloomberg removed a forty-five billion dollar liability from its wealth estimate, producing the single-day jump. The disclosure reframes how leveraged, or rather how unleveraged, his empire actually sits.
Shifting to equities, a hedge fund warning is circulating that deserves attention. Zweig-DiMenna's proprietary model is flagging what it calls a toxic cocktail for stocks — inflation expected to rise over the next three to six months while bond yields remain insufficient to compensate investors for that risk. Their base case puts the S-and-P five hundred down as much as fifteen percent from current levels.
And on Capitol Hill, oversight chairman James Comer has launched a congressional probe into prediction markets Kalshi and Polymarket, citing concerns over insider trading. The inquiry raises serious questions about whether participants with non-public information are pricing contracts ahead of market-moving events, and whether existing securities law even covers these platforms adequately.
That's the tape. Markets Desk, signing off the floor.
