US and Iran Nearing a Peace Deal, SpaceX Prepares Debut, More
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The Big Take podcast from Bloomberg News keeps you on top of the biggest stories of the day.
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Stories that move markets.
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Impact politics. Change businesses. This is a really stunning development for the AI world. And how you think about your bottom line. Listen to The Big Take from Bloomberg News every weekday afternoon on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts. News when you want it with Bloomberg News Now. I'm Nathan Hager.
And I'm Alexis Christophorus. Here are the stories we're following today.
Alexis, we begin with new developments in the Middle East with sources telling Bloomberg News the U.S. and Iran are edging closer to signing an agreement to reopen the Strait of Hormuz as the group of seven world leaders get ready to meet next week. This comes after President Trump pulled back on threats for new strikes.
We just made a great settlement of the war with Iran. And we're going to be subject to finalization of documents. We should get done over the next few days.
That was President Trump speaking in the Oval Office. Iran's semi-official news agency mayor is reporting more details on the proposed memorandum of understanding. And we get more from Bloomberg Middle East correspondent Abir Abu Omar in Dubai.
It's still unclear to us if that MOU that Iran or the Iranian media is reporting about is one that matches what President Trump had suggested. And look, some of the most important provisions there include what Iran says, a permanent and immediate cessation of hostilities on all fronts, including in Lebanon. And Lebanon is a sticking point for Iran. Full lifting of the naval blockade in the Strait of Hormuz within 30 days, a commitment by the U.S. to withdraw its forces, reopening of the Strait of Hormuz, suspension of sanctions on oil sales, and a lifting of the blocked $24 billion of frozen assets by the United States. Those are Iranian frozen assets. And an affirmation of Iran's commitment not to develop nuclear weapons.
Bloomberg's Abir Abu Omar reports Iran says final negotiations would not begin until half of the country's frozen funds are released, oil sanctions are suspended, and the U.S. naval blockade is lifted.
And Nathan, we now move to the biggest initial public offering of all time. SpaceX has raised $75 billion in the IPO, pricing more than 555 million shares at $135 apiece. At the IPO price, Elon Musk's rocket satellite and AI company has a market value of about $1.8 trillion. Alexis Ohanian is the founder of Reddit.
This feels like a milestone moment. This was an investment thesis that was unthinkable a decade ago for most investors. And I think now people are coming to grips with the fact that space technology is really here. What would have been science fiction to us maybe 10 years ago is now science fact.
That's Reddit founder Alex Ohaney, and the company will debut on NASDAQ under the symbol SPCX.
What recent developments are shaping US-Iran relations?
And Alexis, the IPO has drawn demand for more than four times available shares. Elon Musk's retail trading fan base placed more than $100 billion in orders for the stock, and Musk will control 84% of voting power after the IPO. Nell Minow is vice chairman at ValueEdge Advisors.
Elon Musk has appointed himself CEO for life. He has all the voting control. He has basically built a moat with alligators around himself, and that's not good for shareholders.
That's Value Edge Advisors Vice Chair Nell Minow. SpaceX's governance policies ensure Musk is effectively able to choose board members, and that would mean only he can remove himself as CEO.
And Nathan, Musk's personal wealth will soar to new heights after the SpaceX IPO. Bilaz pens as Deputy Managing Editor for Bloomberg.
There is a really, really real chance that he will be the first trillionaire in the world in the not too distant future, depending on how the stock does on the market. One of the positives of this IPO was the sort of intertwined, interconnected nature of Elon Musk's empire, where when you think about
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