By Tiffany Williams –
Elon Musk Becomes First Trillionaire on Paper Following SpaceX IPO
Elon Musk has become the first person to cross the trillionaire threshold on paper after SpaceX priced its initial public offering at $135 per share and the stock surged following its market debut.
Prior to the IPO, Musk’s fortune was estimated at $813 billion. According to Forbes, that figure already exceeded the wealth of the world’s second-richest person by a significant margin. Google co-founder Larry Page was estimated to be worth $288 billion.
The SpaceX public offering pushed Musk’s paper wealth above the trillion-dollar mark, creating a historic milestone in global finance and further extending his lead atop the list of the world’s wealthiest individuals.
Justice Department Clears Major Media Merger
Federal antitrust regulators on Friday approved Paramount Skydance’s $110 billion acquisition of Warner Bros. Discovery.
The Department of Justice’s Antitrust Division announced it had completed its review of the transaction and determined that the acquisition “is not likely to result in harm to competition or American consumers.”
The decision removes a major regulatory hurdle for one of the largest media transactions in recent history and clears the way for the deal to move forward.
Wholesale Inflation Accelerates Amid Energy Price Surge
U.S. producer prices increased in May at the fastest pace since November 2022 as energy costs continued to rise following the outbreak of the Iran war.
The Labor Department reported that the producer price index increased 6.5% compared to May 2025. On a monthly basis, wholesale prices rose 1.1% from April, matching the previous month’s increase.
Energy costs played a major role in the increase. Wholesale gasoline prices jumped more than 23% from April and nearly 70% compared to a year earlier.
Excluding food and energy, core wholesale prices increased 0.4% from April and 4.9% from May 2025.
The report followed consumer inflation data released a day earlier showing prices rose 4.2% in May from a year earlier, the highest level in three years. Gasoline prices increased nearly 41% compared to May 2025, while airfares rose almost 27%.
Inflation remains significantly above the Federal Reserve’s 2% target. While policymakers are widely expected to leave interest rates unchanged during next week’s meeting, financial markets anticipate the possibility of rate increases later this year.
Following the Feb. 28 attacks by the United States and Israel, Iran closed the Strait of Hormuz, triggering what has been described as the largest disruption in oil supplies in history. Energy prices surged in response.
S&P Global Energy warned Thursday that U.S. crude oil inventories continue to decline as the summer driving season approaches.
Gas Prices Continue Moving Lower
Gasoline prices have moved closer to the $4-per-gallon mark as oil prices have eased during negotiations between the United States and Iran.
According to AAA, the national average price for a gallon of regular gasoline now stands at $4.10. That represents a decline of 40 cents, or 8.8%, during the past month.
Despite the recent decrease, prices remain $1.12 higher than they were before the Iran war began.
Analysts said the national average could move below $4 per gallon in the coming days. However, they cautioned that a continuing global oil shortage and the possibility of renewed tensions in the Middle East could reverse recent declines and place upward pressure on prices.
Wealthy Investors Continue Building Cash Positions
High-net-worth investors are maintaining large cash reserves amid concerns about inflation, market volatility and potential overvaluation in financial markets.
According to a Goldman Sachs survey, individuals with at least $1 million in investable assets are holding approximately 20% of their net worth in cash and cash-equivalent investments.
The trend reflects growing caution among wealthy investors as uncertainty continues across equity and bond markets.
Before retiring on Dec. 31, 2025, former Berkshire Hathaway chief executive Warren Buffett increased the company’s cash position to $381.7 billion by the end of the third quarter of 2025.
The strategy proved successful as Buffett’s net worth increased by approximately $21 billion during 2025 despite volatile market conditions.
Other prominent investors have also reduced stock holdings.
Peter Thiel, the billionaire co-founder of PayPal, sold approximately $100 million worth of Nvidia stock through his hedge fund, Thiel Macro, during the third quarter of 2025.
The sale came despite Nvidia shares gaining nearly 35% during 2025. Such transactions by major investors have fueled discussion about the possibility of an artificial intelligence investment bubble.
As U.S. markets continue facing uncertainty tied to tariffs, inflation concerns and valuation questions, many investors are increasingly viewing cash and cash-equivalent holdings as a defensive strategy designed to preserve wealth during periods of market turbulence.