Bloomberg News and Videos — Page 161

SpaceX's record-setting IPO gave public investors access to one of the world's most valuable companies, but not equal voting rights. CEO Elon Musk holds just over 40% of the company's equity while controlling more than 80% of the vote. IPO adviser Lise Buyer says dual-class shares can protect founders from short-term market pressure, but Harvard Law School's Lucian Bebchuk warns that SpaceX's structure goes much further, raising risks around accountability, succession, conflicts of interest, and shareholder value. Some investors, including Danish pension fund AkademikerPension, have already rejected the stock over what they call "catastrophic governance," turning SpaceX into a test case for how much control public markets are willing to give superstar founders.

Axios defense reporter Colin Demarest says President Donald Trump's proposal to let Ukraine produce Patriot interceptors faces significant manufacturing, licensing and technology hurdles, making it unlikely to address Kyiv's immediate air defense needs. He says shortages of advanced interceptors continue to raise broader questions about defense industrial capacity, while Ukraine's rapid innovation in drones is reshaping how allies think about modern warfare.

Bloomberg Pursuit staff writer Hannah Elliott says Tinnitus affects more than 50 million Americans, remains underdiagnosed and underfunded, and can have profound effects on mental health and quality of life. She says growing awareness of hearing health and new treatments, including the FDA-cleared Lenire device, offer hope as researchers work to better understand and treat the condition.

Bloomberg's Boston Bureau Chief Brooke Sutherland says Maine Democrats are racing to choose a new Senate nominee after Graham Platner withdrew, leaving the party with little time to unify behind a replacement in a race viewed as critical to control of the Senate. She says party leaders face pressure over the candidate vetting process as delegates prepare to select a nominee from a crowded field ahead of the filing deadline.

Rep. Michael McCaul says Ukraine is gaining momentum on the battlefield but urgently needs more Patriot interceptors and stronger air defenses to counter Russia's escalating missile attacks. He urges deeper US-Ukraine defense cooperation, including licensed Patriot production and joint drone development, while arguing sustained military pressure offers the best path to negotiations with Russia.

Chief of Naval Operations Adm. Daryl Caudle says the US Navy needs a larger fleet, faster shipbuilding and expanded munitions production to meet growing global demands while sustaining readiness across multiple theaters. He says the service remains prepared despite heavy operational commitments, points to record recruiting and retention, and argues rebuilding the US industrial base is critical to long-term national security.

Bloomberg Economics analysts Becca Wasser and Dina Esfandiary say the US and Iran remain far apart on key issues, with intermittent strikes and negotiations likely to define the conflict for the foreseeable future. They say technical talks on Iran's nuclear program are a constructive step, but disputes over the Strait of Hormuz, sanctions and implementation of the memorandum of understanding continue to hinder progress.

Bloomberg Tech host Ed Ludlow says Apple's lawsuit against OpenAI reflects an intensifying battle for AI talent and hardware leadership, with Apple alleging former employees improperly took trade secrets as OpenAI expands its device ambitions. He also says SK Hynix expects AI memory demand to outpace supply, plans to increase US investment beyond $35 billion, and sees the next test for the AI boom coming as technology companies report earnings and investors assess whether spending is translating into profits.

Elon Musk has become the world's first trillionaire following SpaceX's record-breaking IPO, creating a fortune unlike anything seen in modern history. Nobel Laureate Paul Krugman and Yale economist Natasha Sarin argue the milestone is about far more than one entrepreneur's wealth it reflects how today's economy rewards ownership of rapidly-appreciating assets, and exposes the limits of a tax system designed more than a century ago. Bloomberg wealth reporter Ben Steverman notes that while America has seen fortunes of comparable economic influence before, the concentration of wealth in today's technology sector has reignited debates over taxation, political influence, inequality, and whether capitalism can continue rewarding innovation without widening the gap between the very richest Americans and everyone else.

Senior Fellow at the Council on Foreign Relations Clara Gillespie says Gulf energy flows face an uncertain recovery as producers work to clear ships, bring in tankers, restart halted output and repair damage to refineries, LNG facilities and ports. She says the Strait of Hormuz remains unstable, with shipping still below prewar levels and US pressure on Iran complicating efforts to restore safe passage.