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Elon Musk Becomes World’s First Trillionaire as SpaceX Market Debut Lifts Fortune

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Elon Musk Becomes World’s First Trillionaire as SpaceX Market Debut Lifts Fortune

Tech entrepreneur Elon Musk has become the first person in history to achieve a net worth of more than $1 trillion following the public market debut of SpaceX.

The milestone was reached after SpaceX shares began trading on the stock market in New York at approximately $150 per share. Investor demand quickly pushed the stock higher, with shares climbing to as much as $176 within the first two hours of trading.

Although the stock later retreated from its intraday high, it still finished the session strongly at $160.95 per share. The closing price represented an increase of about 19% above SpaceX’s own estimated debut valuation of $135 per share.

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The surge in SpaceX’s market value significantly boosted Musk’s personal fortune, allowing him to cross the trillion-dollar threshold and secure his place as the world’s first trillionaire.

Musk is already one of the most recognizable figures in global business, known for leading SpaceX and electric vehicle manufacturer Tesla. Beyond his business ventures, he has attracted both admiration and criticism for his outspoken presence on social media and his comments on political issues in the United States and abroad.

The billionaire’s influence expanded further following his acquisition of the social media platform X, where he frequently shares views on politics, technology and current affairs.

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Despite the strong opening performance, some analysts noted that the stock closed below the most optimistic forecasts. Several early estimates had suggested SpaceX shares could reach as high as $190 on their first day of trading.

According to Samuel Kerr, an analyst at Mergermarket, the initial trading performance was solid but not extraordinary. He said the more important measure of success will be how the stock performs over the coming weeks and months.

Kerr noted that while investors often focus on a company’s first day of trading, the longer-term stability of the share price will provide a clearer indication of market confidence in SpaceX’s future growth prospects.

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Trump appoints top intelligence official to lead new AI taskforce

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US President Donald Trump has appointed the director of national intelligence to lead a new taskforce focused on artificial intelligence.

Jay Clayton will head the taskforce, which Mr Trump said would coordinate the federal government’s engagement with consumers, companies, public interest groups and “religious organizations”.

The move has drawn criticism from Democrats, including Senator Elizabeth Warren, who has called for stronger regulation of AI.

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Mr Trump has opposed laws that could restrict the development of the technology, despite growing debate over the potential risks of AI and its implications for society.

Last week, the president and leaders of major AI companies signed a “morally binding” agreement making the companies responsible for ensuring the safety of their own technology.

Mr Trump, who has sought to promote the term “super intelligence” for AI, wrote on social media that the new “Super Intelligence Force” would coordinate the federal government’s engagement with “Consumers, Public Interest Groups, Religious Organizations, Critical Infrastructure Providers, and Super Intelligence Companies”.

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Mr Clayton, a former chair of the Securities and Exchange Commission, will be joined on the taskforce by Andrew Ferguson, head of the Federal Trade Commission, and Emil Michael, undersecretary of defence for research and engineering.

The taskforce will report directly to Mr Trump and White House Chief of Staff Susie Wiles.

Mr Trump has repeatedly rejected calls for a slowdown in AI development, saying the US is leading China in the technology race.

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“And, frankly, I want to keep it that way because whoever wins AI, wins,” he said.

President Xi Jinping recently travelled to Washington for a state visit. Days later, Mr Trump ruled out a joint venture between the US and China to develop AI.

“If we do that, we’re going to be giving a lot of secrets that we have that they [China] would want to have, or anybody else,” he said.

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The announcement comes amid growing pressure from prominent figures in the technology industry, including executives at OpenAI and Anthropic, for tighter regulation of AI.

Mr Trump first announced the taskforce in September, prompting Senator Warren to criticise the plan.

“Congress cannot meet the pressing threat of AI by just forming another committee or continuing to have drawn-out discussions about it,” she said.

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“Let’s actually pass some meaningful regulations on AI to protect people.”

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US ban on Canadian alcohol and dairy imports comes into effect as trade tensions continue

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A US ban on several Canadian imports, including alcohol, dairy products and motorcycles, has come into effect as trade tensions between the two neighbouring countries continue.

The latest measure by the Trump administration follows Canada’s introduction of tariffs on a range of US goods earlier this month after trade talks between the two countries broke down.

Canada is not expected to impose further retaliatory measures, with Prime Minister Mark Carney saying earlier this month that the impact of the US import bans on Canada’s economy would be “modest”.

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“They call us now and then and we have good conversations about potential deals. But there’s no urgency on our side,” Mr Greer said in an interview with the US network last week.

Tuesday’s ban covers nearly C$1bn ($710m; £530m) worth of Canadian liquor exported to the US, as well as whey products used in protein powder.

Motorcycle exports to the US will also be affected, although Canada exported about 5,000 motorcycles to the US in 2025, worth around C$120m, according to Statistics Canada.

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The measures were first announced by President Trump in a series of executive orders signed on 8 September.

In the orders, Mr Trump said the restrictions were in response to what he described as “continued discrimination” by Canada against US dairy, automotive and alcohol products.

Mr Carney said earlier this month that the bans were “relatively modest measures” compared with other trade actions imposed by the US.

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He acknowledged, however, that the measures would hurt businesses and sectors directly targeted by the restrictions.

Derek Holt, an economist at Canadian bank Scotiabank, described the measures in an analysis as “face-saving” actions by the US administration rather than substantive measures.

About 93% of Canada’s liquor exports in 2025 went to the US. Spirits Canada, which represents Canadian liquor producers, has warned that the consequences for the industry “could be significant”.

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Economists and businesses have also warned that the measures could increase uncertainty over the future of Canada’s trade relationship with the US, its largest trading partner.

The latest restrictions come in addition to US tariffs of 50% on a range of Canadian goods, including dairy, alcohol, steel and aluminium products, and 25% tariffs on Canadian-built cars.

Canada has responded with retaliatory tariffs ranging from 15% to 50% on more than 700 US products, as well as a 25% levy on certain steel and aluminium products.

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Most Canadian provinces have also stopped selling US liquor.

Tariffs, which are taxes paid on imported goods, are a central part of Mr Trump’s economic agenda. He has argued that they raise government revenue and encourage consumers to buy American-made products.

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Jaguar Land Rover to Cut 4,000 Jobs Amid Industry Challenges

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Jaguar Land Rover (JLR) is set to cut around 4,000 jobs over the next two years as the carmaker faces growing competition from China, US tariffs and the costly transition to electric vehicles.

The redundancies will mainly affect employees at JLR’s UK-based head office. The company currently employs around 43,000 people worldwide.

JLR’s challenges were compounded by a cyber-attack last year that forced the company to halt production for more than a month.

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Chief executive PB Balaji said the company was committed to supporting affected employees throughout the redundancy process.

“The automotive industry faces significant challenges, with technological change amidst intense competition and ongoing geo-political uncertainty,” he said.

JLR hopes to achieve most of the reductions through voluntary redundancy, with employees able to apply until 4 October. However, the company warned that compulsory redundancies could follow if insufficient staff volunteer, with less generous terms.

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The affected employees are expected to receive details of the proposals by email in the coming days.

The job cuts form part of a wider effort to save £1.7bn over the next two years as JLR seeks to strengthen its finances and adapt to changing conditions in the global automotive industry.

David Bailey, professor of business and economics at Birmingham University, described JLR as “as strategically important as it gets for the UK economy”.

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