Chapter 1: What is the main topic discussed in this episode?
SpaceX has officially filed its paperwork to go public on the US stock market, and this is going to be the biggest IPO in history. It's going to be a $2 trillion company, but with $5 billion in losses.
Chapter 2: What does SpaceX's IPO mean for investors?
We're going to break down what an IPO actually is, what you'd be buying, and more crucially, how you can invest if you want to. We're also going to be covering Elon Musk and his lawsuit on OpenAI, which did not go his way. Shakira just won a 55 million euro tax battle with the Spanish government. And surprisingly, there are some genuinely useful takeaways that could apply to you.
And finally, the impact of AI on the jobs market. There is much more to this than meets the eye. We discuss what industries are going to stand the test of time and how you can position yourself well. This is The Curb Weekly, where we read the finance news so you don't have to. I'm Vic Harris, a finance professional who's had a career making money for other people.
And my co-founder, Sophie, is on holiday with her boyfriend, so I am flying solo today.
Chapter 3: How did Elon Musk's lawsuit against OpenAI end?
Huge thanks to Emily Rigby, our producer, and Lucy Munro, our fab social media manager, and the rest of The Curb team behind the scenes. But before we dive into the headlines, here is a word from today's sponsor. This episode of the Curve Weekly is made possible by Pathfinder KiwiSaver plan, helping you invest alongside your values.
Pathfinder is one mindful money, best ethical investing provider for five years running.
Chapter 4: What can we learn from Shakira's tax battle victory?
So we've teamed up with them to bring you the ethical hotline. Got questions about the ethics of an investment or unsure where you draw the line? Submit your questions via the link in the podcast show notes. And thank you so much to Pathfinder for making this episode of the Curve Weekly possible.
Chapter 5: Is AI really responsible for job losses?
Pathfinder Asset Management Limited is the issuer of the Pathfinder KiwiSaver plan. A product disclosure statement is available at pathfinder.kiwi.
So we have some very exciting news. SpaceX has officially filed for IPO. Now, IPO, remember, is the first time that a company has its shares available to the public.
Chapter 6: How can everyday investors participate in the SpaceX IPO?
So it goes from being a private company to a public company where you and I can buy shares, which is awesome.
Chapter 7: What are the implications of Elon Musk's control over SpaceX?
It is going to list on the NASDAQ. And the NASDAQ is one of the US stock exchanges.
Chapter 8: What factors are impacting the US job market today?
So we've got the NASDAQ, we've got the New York Stock Exchange. They're kind of like competitors. On the NASDAQ, we've got, it's mainly more tech companies. So it's Amazon, Apple, Google, Meta. It's got all the big names we know. So yeah, SpaceX is kind of following suit and going on that exchange. This is going to be the biggest IPO ever. The
We have never, ever seen a company come to market that is that big. And just to put that in context, when Facebook first went public in 2012, it was valued at $100 billion. And now SpaceX is coming at $2 trillion. Amazon is a $3 trillion company. Microsoft's a $3 trillion company. So just to put that in perspective, they've been public companies for so long now.
Not only that, they're highly profitable. They've got a proven track record. And you now have a company coming to market for the first time and it's got none of that. It hasn't got a track record. It hasn't got like the history. It hasn't been traded on the stock exchange for years. Yet it somehow thinks that it should be like at the same level as all these other companies.
So anyway, this is why it's got so much interest. I mean, its revenue is $20 billion last year, but it lost $5 billion. So it is loss-making. I mean, Uber was loss-making when it IPO-ed for the first time. It was absolutely heavily criticized for it. But for some reason, people are giving SpaceX a lot of time. There's a lot of excitement and a lot of euphoria around it.
But for those of you who don't know what SpaceX is, it's not just a rocket company. So SpaceX owns Starlink. Starlink is... the kind of satellite company that has about 10 million subscribers globally. It also includes XAI, which is Elon Musk's AI company. So you've got a satellite company, you've got an AI company, and also in there is X, which used to be Twitter.
So you've got kind of three, I guess, three businesses, one in kind of satellites, one in AI, one in media, like all of those combined together is what has created that value of $2 trillion. So it's really a company that investors are betting on the future, particularly with AI, satellites, all of that. But this is where it gets interesting.
So Elon Musk, he is going to control 85% of this company. you are not in alignment with what he wants to do, then I guess you shouldn't be buying this company. But it also goes to show that shareholders are going to have very, very little say in how this company is run. It is very much going to be the Musk show. I guess it is similar to how Mark Zuckerberg ran Meta.
He was very much a dominant force, very much the leader. It's how Google has actually structured it. So the two Google founders have structured Google and Alphabet shares. So There's a lot of protections in it to protect the founder, but personally, I like investing alongside founders, not necessarily Elon Musk, but there are some I like investing alongside more than others.
Founders are very visionary. They're very driven. They're very long-term thinking, and that's what I like when I look for an investment. But this IPO into SpaceX could make Elon Musk the The first trillionaire, the first person to have a trillion dollars in wealth. I mean, I can't even believe that we're speaking about trillion dollar companies and a trillion dollar IPO.
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