Alex Ossola

And it was as near a picture-perfect debut as most bankers could imagine, with a pop that was neither too big nor too small.

Speaking from Starbase Texas this morning, Musk said that when he began SpaceX more than 20 years ago, he told people that the company was probably going to fail.

That record IPO also helped Musk become the world's first trillionaire.

Of course, Musk was already the world's richest person before the IPO.

But a trillionaire is a notch above.

WSJ special writer Tao Francis explains how Musk got here.

As of today's market close, Musk's net worth was about $1.2 trillion.

Teo says that Musk's money is almost all tied up in his companies, like SpaceX and Tesla.

Speaking of Tesla, it also closed up today, gaining 1.8 percent.

Stocks rose overall, with the Dow leading the gains and finishing 0.7 percent higher.

Today, oil prices are around $85 a barrel.

That's certainly higher than before the conflict, but nowhere near the $150 to $200 a barrel that many analysts predicted when the Strait of Hormuz effectively closed.

There are two main reasons global oil prices aren't higher.

The U.S.

is exporting more and China is importing less.

To better understand the China side of the equation, Energy Markets reporter Rebecca Fang joins me now from London.

Rebecca, this mystery of the three million barrels, this is the missing amount of oil that China would normally be importing every day, but now isn't.

So how is China able to avoid importing all this oil?

Yeah.

How did they do that?