Good morning and welcome to Markets Desk, your midday read on what's moving markets and making headlines.
SpaceX made history Friday with what is now the largest initial public offering ever recorded, pricing at a two trillion dollar valuation and officially making Elon Musk the world's first trillionaire. It is a staggering reversal for a company that nearly went bankrupt after three consecutive rocket failures back in two thousand eight.
That wealth, of course, comes with its own arithmetic problem. As Fortune notes, a one percent misallocation of Musk's SpaceX fortune amounts to ten billion dollars — a figure that underscores just how unprecedented the wealth management challenge now sitting on his desk truly is.
Turning to equities, Oscar Health has quietly become one of the year's most compelling healthcare stories, up roughly ninety percent year to date as the company continues to capture meaningful share in the individual health insurance market. Analysts suggest the structural tailwinds behind its growth have not yet fully played out, making it a name institutional desks are watching closely heading into the second half.
That's the tape. Markets Desk, signing off the floor.
