Business
Uday Kotak questions SpaceX valuation, says only time will tell if we’re in ‘mega bubble’
Reacting to SpaceX’s IPO and listing, the Kotak Mahindra Bank founder said the listing is “a true test for capitalism”, arguing that the company’s valuation cannot be explained through conventional frameworks. “The valuation does not fit any traditional matrix and is a huge bet on the future course of planet earth,” he said. “Only time will tell whether we, the human race, have arrived into the fairy tale world we grew up in as children, or are in a mega bubble,” he wrote in a post on X, formerly Twitter, on Saturday.
While questioning how markets should value a company such as SpaceX, Kotak also praised both Musk and the United States for making such an outcome possible. “Either ways, kudos to the man who came as an immigrant, and to the country that has allowed such boundless creativity to flourish despite all the risks it embeds,” he wrote.
SpaceX debut
Kotak’s comments came after a stellar debut that instantly propelled Elon Musk’s rocket and satellite company into the ranks of the world’s most valuable firms.
After raising $75 billion in the biggest initial public offering ever, SpaceX began trading under the ticker SPCX at $150, an 11% premium to its IPO price of $135. The stock surged as high as $176.52 during the session before ending the day at $160.95, a gain of nearly 19% from the offer price.
That rally was enough to rocket SpaceX into seventh place among the world’s most valuable listed companies. With a market value of about $2.1 trillion at Friday’s close, SpaceX now sits just behind Taiwan Semiconductor Manufacturing Co. (TSMC), which is valued at $2.9 trillion.
Investor demand was evident throughout the session. More than 500 million shares changed hands on debut, a figure that approached Facebook’s first-day trading volume of about 580 million shares in 2012.
SpaceX share demand surges further
The momentum did not stop when the closing bell rang. SpaceX shares continued climbing in extended trading, rising close to 3.5% to $166.76 as of 6:30 p.m. ET.
Roughly 16 million shares changed hands in post-market activity, adding to the more than 500 million traded during regular hours. The after-hours advance lifted the company’s market capitalization by another $80 billion to around $2.2 trillion.
SpaceX lifts Elon Musk into trillionaire territory
The blockbuster debut also marked a watershed moment for Musk personally. The surge in SpaceX shares pushed his net worth to $1.11 trillion, making him the world’s first trillionaire.According to the Bloomberg Billionaires Index, Musk’s fortune now exceeds the combined wealth of Larry Page, Sergey Brin, Jeff Bezos and Larry Ellison. Together, the four billionaires are worth $1.089 trillion, less than Musk’s estimated net worth of $1.11 trillion.
According to a CNBC report, Data from VandaTrack showed SpaceX was the most-bought stock by retail traders on a net basis during Friday’s session, while it was also among the most-discussed names on Reddit’s WallStreetBets forum ahead of the listing.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Business
Mag 7? MANGOS? SpaceX forces name rethink on Wall Street’s tech-stock moniker

Mag 7? MANGOS? SpaceX forces name rethink on Wall Street’s tech-stock moniker
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Capital One: A 27% Sell-Off Creates A Compelling Entry Point
Capital One: A 27% Sell-Off Creates A Compelling Entry Point
Business
Weverse Down? Outage Disrupts Fans During BTS Yoongi Live Stream on June 13 2026
SEOUL, South Korea — The popular K-pop fan platform Weverse experienced a brief outage Saturday affecting hundreds of users worldwide, frustrating fans attempting to join a live stream by BTS member Suga, also known as Yoongi, amid heightened activity surrounding the group’s ongoing world tour events.
Reports of issues began surfacing around early morning hours in multiple time zones, with users complaining of loading errors, inability to access live broadcasts and delayed comments. The disruption coincided with significant BTS-related activity, including preparations for the “ARIRANG” world tour sound check in Busan, amplifying demand on the platform.
Weverse, operated by HYBE Corporation, serves as a central hub for global fandoms. It enables direct artist-fan communication through live streams, posts, communities and merchandise sales. The platform has become indispensable for ARMY, BTS’s dedicated fan base, especially during periods of high engagement like tours and member solo activities.
Downdetector and similar services recorded elevated reports, though the scale remained relatively contained compared to major outages on other platforms. Many users noted the service returned to normal within minutes to half an hour, but the timing amplified disappointment for those missing parts of the live session.
One fan recounted missing significant portions of the stream: “Weverse was down for 10 minutes and I only caught the last 2 minutes,” highlighting the real-time nature of the frustration.
The outage occurred against a backdrop of intense fan activity. BTS has been ramping up public engagements following members’ military service completions, with events like the Busan concerts drawing massive online interest. High concurrent viewership for lives frequently strains server capacity on fan platforms.
Industry observers note that such intermittent issues are not uncommon for Weverse during peak moments. Similar brief disruptions have occurred in the past during major announcements or popular livestreams, often attributed to sudden traffic surges rather than systemic failures.
HYBE and Weverse have not issued a detailed public statement on Saturday’s incident as of late afternoon, but the company typically addresses significant problems through official notices on the platform itself. Past responses have included apologies and assurances of improved infrastructure.
For fans, Weverse represents more than a technical service — it fosters a sense of closeness to artists. Lives like Yoongi’s offer unfiltered glimpses into members’ thoughts, often mixing casual conversation with updates on music and tours. Missing even parts of these sessions due to technical glitches can feel particularly disappointing.
The platform’s importance has grown exponentially since its launch. It now supports dozens of HYBE artists and partners, hosting millions of users globally. Features include real-time translation, fan voting, exclusive content and shopping integration, making it a comprehensive ecosystem for K-pop enthusiasts.
Experts in digital fandom management point to the challenges of scaling services for passionate global audiences. Peak loads during simultaneous events — tours, comebacks, birthdays — can overwhelm even robust systems. Weverse has invested in cloud infrastructure and content delivery networks to mitigate these risks, but perfect uptime remains elusive during viral moments.
Saturday’s issues also spotlighted user dependence on the app. Many turned to social media like X to vent and confirm they were not alone, with hashtags such as #WeverseDown trending briefly among K-pop circles. Others shared workarounds or refreshed patiently until access resumed.
Broader context includes recent platform reliability across social media. Just a day earlier, Meta services including Facebook and Instagram faced widespread disruptions, reminding users of the fragility of digital connectivity even for major providers.
Weverse’s parent company HYBE continues expanding its digital offerings. The platform plays a key role in monetization and fan engagement strategies that have helped propel K-pop’s global dominance. Reliable performance is crucial for maintaining trust, especially as competitors emerge in the fan platform space.
Fans expressed a mix of annoyance and understanding. Many acknowledged the challenges of serving millions during exciting periods while hoping for quicker resolutions in the future. “Weverse is down during Yoongi’s live,” became a common refrain, blending humor with mild exasperation.
For those affected, the outage was short-lived. By mid-morning in Korea, most reported full functionality restored. Archived or replay features on Weverse often allow catching up on missed content, though live interactions cannot be replicated.
The incident underscores ongoing needs for redundancy and capacity planning in fan-facing technologies. As K-pop events grow larger and more global, platforms must anticipate and handle massive simultaneous access without compromising experience.
Weverse remains the go-to destination for official BTS updates and interactions. Upcoming tour dates in Busan and beyond will likely drive further high-traffic periods, testing the platform’s resilience once more.
Users are advised to check official Weverse notices or status pages during future events for real-time information. Clearing cache, updating the app or trying different devices and networks can sometimes bypass temporary glitches.
In the fast-paced world of digital fandom, brief outages serve as reminders of the passion driving these communities. While frustrating in the moment, they rarely diminish the overall value fans derive from direct connections with their favorite artists.
As Weverse continues evolving, expectations for stability will only increase. Saturday’s event, though minor, highlights both the platform’s centrality and the technical hurdles inherent in serving enthusiastic global audiences.
Fans eagerly returned to the platform once restored, resuming discussions and enjoying the remainder of the day’s content. The quick recovery helped minimize long-term disruption, allowing focus to shift back to the music and performances at the heart of the BTS universe.
Business
Five-Time Champs Face Tough African Test in Group C Opener
EAST RUTHERFORD, N.J. — Brazil launches its quest for a record sixth FIFA World Cup title against a battle-hardened Morocco side in a compelling Group C opener Saturday at MetLife Stadium, where the five-time champions’ attacking flair meets one of Africa’s most organized and resilient teams.
The matchup, scheduled for 6 p.m. EDT, pits two highly ranked squads against each other in what many analysts view as the defining early test in the group featuring Haiti and Scotland. Brazil enters as clear favorites, but Morocco’s impressive run to the 2022 semifinals has raised expectations for another deep tournament showing.
Carlo Ancelotti, in his first World Cup as Brazil’s manager, brings a wealth of European club experience to a squad blending established stars and emerging talent. The Italian tactician has emphasized discipline and balance after a period of transition for the Selecao.
Key absences could influence Brazil’s approach. Reports indicate talisman Neymar is sidelined and expected to miss the opener, shifting reliance onto Vinicius Junior, Raphinha and others to provide creativity and goals. Recent friendlies have showcased depth, including strong performances from players like Lucas Paqueta and Bruno Guimaraes.
Predicted lineup for Brazil (4-2-3-1): Alisson; Danilo or Wesley, Marquinhos, Gabriel Magalhaes, Alex Sandro; Casemiro, Bruno Guimaraes; Raphinha, Lucas Paqueta, Vinicius Junior; Matheus Cunha or Endrick.
Morocco, ranked among the top African sides, arrives with confidence after an unbeaten qualifying campaign and continuity from its historic Qatar showing. Coach Mohamed Ouahbi or his staff will lean on a solid defensive structure and dangerous counterattacks led by stars like Achraf Hakimi and Brahim Diaz.
The Atlas Lions have proven capable of upsetting higher-ranked opponents through tactical discipline and physical intensity. Their 2022 quarterfinal victory over Portugal and semifinal appearance against France remain benchmarks for ambition this time around.
Predicted lineup for Morocco (4-2-3-1 or similar): Yassine Bounou; Achraf Hakimi, Chadi Riad or replacement, Nayef Aguerd (if fit) or alternative, Noussair Mazraoui; Azzedine Ounahi, Sofyan Amrabat; Brahim Diaz, Hakim Ziyech or similar, Ismael Saibari; Ayoub El Kaabi.
Injuries have impacted Morocco’s preparations, with recent call-ups for replacements like Marwane Saâdane and Amine Sbaï following absences of key players such as Nayef Aguerd.
The venue, MetLife Stadium in the New York/New Jersey area, promises an electric atmosphere with significant Brazilian and Moroccan diaspora communities expected in attendance. As co-hosts of the expanded 48-team tournament, the United States provides a neutral yet passionate backdrop for this intercontinental clash.
Tactically, Brazil is likely to dominate possession and probe for openings through wide areas and central creativity. Morocco will look to frustrate with compact defending and exploit transitions, particularly down the flanks where Hakimi’s overlapping runs pose constant threats.
Recent form offers mixed signals. Brazil has shown flashes of brilliance in warm-ups but also vulnerability against organized defenses. Morocco’s blend of European-based talent and domestic grit makes it a formidable first hurdle.
Opta simulations give Brazil approximately a 58-60% chance of victory, with draws and Morocco upsets as realistic possibilities in a tight contest. Betting markets reflect this, with Brazil favored but Morocco’s +400 range underscoring respect for the African side.
Group dynamics add stakes. A strong result positions the winner favorably ahead of matches against Haiti and Scotland, both viewed as more approachable. Top-two advancement is the minimum expectation for both, but momentum from the opener could prove decisive.
Historical context is limited but telling. The teams met in the 1998 World Cup group stage with Brazil winning 3-0, though recent friendlies have been more competitive. Morocco claimed a 2-1 victory in a 2023 encounter, highlighting its growing pedigree.
For Brazil, the pressure to deliver a sixth star remains immense. Ancelotti’s appointment was designed to restore confidence after recent disappointments. Players like Vinicius Junior have expressed focus on collective success over individual milestones.
Morocco views this as an opportunity to build on 2022 momentum. Stars such as Hakimi, a world-class fullback, and emerging talents in midfield provide tools for another memorable run. The squad’s experience in high-stakes matches against top opposition will be tested immediately.
Beyond tactics, cultural and fan elements enrich the occasion. Brazilian flair and Moroccan passion create a vibrant spectacle, with both sets of supporters known for colorful displays and unwavering loyalty. The match underscores soccer’s global appeal in the expanded World Cup format.
Weather in the New Jersey area on Saturday is expected to be warm, potentially favoring the technically gifted Brazilians but also testing endurance in a physical encounter. Referee Slavko Vincic of Slovenia will oversee proceedings.
Analysts from ESPN and others describe it as a “matchup worthy of the knockout rounds,” setting high expectations for quality.
Preparation has been thorough for both. Brazil utilized friendlies against teams like Panama and Egypt to fine-tune, while Morocco focused on cohesion amid squad adjustments.
As the tournament unfolds in stadiums across North America, this Group C clash could signal early trends. Brazil aims to assert dominance, while Morocco seeks to defy odds once more. Victory would send a powerful message to the rest of the field.
Fans worldwide will tune in via major broadcasters, with the game available on FOX and streaming platforms in the U.S. The result could shape not only group standings but also narratives around both programs heading into subsequent fixtures.
In a tournament filled with storylines, Brazil versus Morocco stands out for its blend of pedigree, resurgence and tactical intrigue. Expect intensity, skill and moments that could define early tournament momentum.
Business
Motels, marshland and luxury rates: Welcome to the World Cup in New Jersey

Motels, marshland and luxury rates: Welcome to the World Cup in New Jersey
Business
SGDM: Gold Mining Companies Are Incredibly Profitable And Very Cheap
Power Hedge has been covering both traditional and renewable energy since 2010. He targets primarily international companies of all sizes that hold a competitive advantage and pay dividends with strong yields.
He is the leader of the investing group Energy Profits in Dividends where he focuses on generating income through energy stocks and CEFs while managing risk through options. He also provides micro and macro-analysis of both domestic and international energy companie. Learn more.
Analyst’s Disclosure: I/we have a beneficial long position in the shares of GDXJ, NEM either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
I am long various gold mining funds that may include positions in any stock that is mentioned in this article. I exercise no control over these funds and their holdings may change at any time without my knowledge.
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Business
RH: The Recovery Bridge Still Needs Proof
RH: The Recovery Bridge Still Needs Proof
Business
Bank of Korea Governor Signals Readiness to Raise Interest Rates as Inflation Risks Mount
Bank of Korea Gov. Shin Hyun-song warned against falling behind the curve on taming inflation, signaling growing urgency for policymakers to act before it is too late.
With the Middle East conflict dragging on, concerns over inflationary pressures have increased, Shin said in a speech Friday marking the central bank’s 76th anniversary.
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Business
Al Qaeda-linked militants curb their brutality in seized Malian territory

Al Qaeda-linked militants curb their brutality in seized Malian territory
Business
Progressive Corporation: Exceptional Growth But Normalizing Margins
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