WEBVTT - SpaceX IPO Debuts; US-Iran Deal Nears 0:00:02.560 --> 0:00:07.080 Bloomberg Audio Studios, Podcasts, Radio News. 0:00:10.119 --> 0:00:13.440 Good morning, I'm Nathan Hager and I'm Alexis Christophers. Here 0:00:13.440 --> 0:00:16.440 are the stories we're following today, alex As, we begin 0:00:16.520 --> 0:00:18.760 with the latest from the Middle East. After threatening new 0:00:18.800 --> 0:00:22.279 attacks on Iran, President Trump now says he's close to 0:00:22.320 --> 0:00:24.000 a deal to end the war. 0:00:24.400 --> 0:00:28.400 We just made a great settlement of the war with 0:00:28.440 --> 0:00:32.240 the red and we're going to be a subject to 0:00:32.320 --> 0:00:35.680 finalization of documents. We should get done over the next 0:00:35.720 --> 0:00:36.280 few days. 0:00:36.560 --> 0:00:39.320 President Trump made that announcement in an Oval Office event, 0:00:39.360 --> 0:00:42.520 but just this morning, Iran's semi official news agency mayor 0:00:42.560 --> 0:00:46.400 says the US and Iran are negotiating a potential agreement. 0:00:46.479 --> 0:00:49.519 We get details from Bloomberg Middle East correspondent to Birabu 0:00:49.560 --> 0:00:50.680 Omar in Dubai. 0:00:50.880 --> 0:00:54.480 It's still unclear to us if that MoU Iran or 0:00:54.520 --> 0:00:58.080 the Iranian media is reporting about is one that matches 0:00:58.120 --> 0:01:01.320 what President Trump had suggested, and look, some of the 0:01:01.360 --> 0:01:05.240 most important provisions there include what Iran says, a permanent 0:01:05.280 --> 0:01:09.120 and immediate cessation of hostilities on all fronts, including in 0:01:09.200 --> 0:01:12.399 Lebanon and Lebanon is a sticking point for Iran. Full 0:01:12.400 --> 0:01:14.640 lifting of the naval blockade and the Strait of Her 0:01:14.680 --> 0:01:17.760 Moves within thirty days, a commitment by the US to 0:01:17.760 --> 0:01:21.000 withdraw its forces, reopening of the Strait of Her Moves, 0:01:21.360 --> 0:01:25.800 suspension of sanctions on oil sales, and a lifting of 0:01:26.120 --> 0:01:30.680 the blocked twenty four billion dollars of frozen assets by 0:01:30.920 --> 0:01:31.720 the United States. 0:01:31.800 --> 0:01:34.479 Those are Iranian frozen. 0:01:34.160 --> 0:01:38.679 Assets, and an affirmation of Iran's commitment not to develop 0:01:38.920 --> 0:01:39.720 nuclear weapons. 0:01:39.760 --> 0:01:43.960 Bloomberg's Abirabo Almar reports Iron says final negotiations won't begin 0:01:44.040 --> 0:01:47.440 until half of its frozen assets are released, oil sanctions 0:01:47.480 --> 0:01:50.760 are suspended, and the naval blockade is lifted, and Nathan. 0:01:50.760 --> 0:01:53.480 We now move to the biggest initial public offering of 0:01:53.560 --> 0:01:57.040 all time. SpaceX has raised seventy five billion dollars in 0:01:57.080 --> 0:01:59.760 the IPO, pricing more than five hundred and fifty five 0:01:59.760 --> 0:02:02.040 mills million shares at one hundred and thirty five dollars 0:02:02.080 --> 0:02:05.600 a piece at the IPO price, elon Musk's rocket, satellite 0:02:05.640 --> 0:02:08.160 and ai company as a market value of about one 0:02:08.160 --> 0:02:12.360 point eight trillion dollars. Alexis o'hanian is the founder of Reddit. 0:02:12.639 --> 0:02:14.120 This feels like a milestone moment. 0:02:14.840 --> 0:02:18.320 This was an investment thesis that was unthinkable a decade 0:02:18.360 --> 0:02:21.840 ago for most investors, and I think now people are 0:02:21.840 --> 0:02:24.120 coming to grips with the fact that space technology is 0:02:24.280 --> 0:02:27.160 really here. What would have been science fiction US maybe 0:02:27.160 --> 0:02:28.960 ten years ago is now science fact. 0:02:29.080 --> 0:02:32.120 Reddit founder Alex o'hanian there. The company will debut on 0:02:32.280 --> 0:02:35.440 Nasdaq under the symbol spc X. 0:02:35.360 --> 0:02:37.760 And alexis The IPOs drawn demand for more than four 0:02:37.840 --> 0:02:41.480 times available shares. Elon Musk's fan base in the retail 0:02:41.520 --> 0:02:44.360 trading community has placed more than one hundred billion dollars 0:02:44.360 --> 0:02:47.359 in orders for the stock. Musk will control eighty four 0:02:47.400 --> 0:02:51.040 percent of the voting power after the IPO. Neil Minnow 0:02:51.080 --> 0:02:53.760 is vice chairman at Value Edge Advisors. Elon Musk has 0:02:53.760 --> 0:02:55.680 appointed himself CEO for life. 0:02:55.720 --> 0:02:57.200 He has all the voting control. 0:02:57.400 --> 0:03:00.639 He has basically built a moat with alligators. 0:03:00.280 --> 0:03:03.040 Around himself, and that's not good for shareholders. 0:03:03.160 --> 0:03:05.680 That's a Value Edge Advisor's vice chair Now Minnow now 0:03:05.720 --> 0:03:09.200 SpaceX's governance policies in sher Musk is effectively able to 0:03:09.280 --> 0:03:11.920 choose board members, and that would mean only he could 0:03:11.919 --> 0:03:13.680 remove himself as CEO. 0:03:13.680 --> 0:03:16.840 And Nathan Musk's personal wealth will sort of new heights 0:03:16.880 --> 0:03:20.520 after this SpaceX ipo. Blas Penn's is deputy managing editor 0:03:20.520 --> 0:03:21.120 for Bloomberg. 0:03:21.639 --> 0:03:25.440 There is a really, really real chance that he will 0:03:25.480 --> 0:03:27.720 be the first trillionaire in the world in the not 0:03:27.760 --> 0:03:31.120 too distance future, depending on how the stock does on 0:03:31.160 --> 0:03:34.360 the market. One of the positives of this IPO was 0:03:34.720 --> 0:03:38.880 the sort of intertwined, interconnected nature of Elo Musk's empire, 0:03:38.920 --> 0:03:43.040 where you take when you think about X Test Law, SpaceX, 0:03:43.320 --> 0:03:47.560 Borging Company, all these companies have cross ownerships, they do 0:03:47.720 --> 0:03:52.320 business with each other. There's a very kind of concluded structure. 0:03:52.400 --> 0:03:54.760 For some people, that's a huge bus because Elo Musk 0:03:54.800 --> 0:03:58.200 sits at the center of everything, and they believe in 0:03:58.240 --> 0:04:01.640 Elon Musk. They believe in his and they believe that 0:04:01.680 --> 0:04:05.160 he can drive more value out of these companies. 0:04:04.800 --> 0:04:08.160 S Bloomberg's deputy managing editor, Blast Pens. He says shadow 0:04:08.240 --> 0:04:11.440 markets are pricing of SpaceX stock debut with a potential 0:04:11.480 --> 0:04:15.240 pomp of at least thirty five percent. Turning to Washington now, 0:04:15.280 --> 0:04:17.880 and President Trump is nominating j Clayton to be the 0:04:17.960 --> 0:04:21.440 next Director of National Intelligence. Bloomberg's Amy Morris reports from 0:04:21.440 --> 0:04:24.120 the nation's capital. Jay Clayton has been serving as the 0:04:24.120 --> 0:04:27.200 top Federal prosecutor in Manhattan and was chairman of the 0:04:27.240 --> 0:04:31.200 Securities in Exchange Commission during Trump's first term. The cabinet 0:04:31.240 --> 0:04:36.000 position oversees and coordinates eighteen US intelligence agencies. President Trump 0:04:36.080 --> 0:04:37.719 Jay Clayton's an incredible talent. 0:04:37.839 --> 0:04:42.159 Head of celigant Cromwell. He was head of the secs 0:04:42.200 --> 0:04:46.640 Now Southern District. I mean, nobody has better credential, but 0:04:47.520 --> 0:04:50.000 Bill will run for Shure. Well, He's done a fantastic job. 0:04:50.040 --> 0:04:53.480 Trump's nomination of Clayton comes hours after the House failed 0:04:53.480 --> 0:04:56.400 to pass an extension of the Foreign Intelligence Surveillance Act, 0:04:56.760 --> 0:04:59.760 part of pushback over Trump's selection of Bill Poulty to 0:04:59.760 --> 0:05:03.880 serve best acting Director of National Intelligence in Washington anymore, 0:05:03.880 --> 0:05:05.320 as Bloomberg Radio, all right. 0:05:05.200 --> 0:05:07.160 Thanks Amy, and back here in New York. There was 0:05:07.200 --> 0:05:09.279 still a buzz in the air over the dramatic and 0:05:09.440 --> 0:05:12.120 historic comeback win by the Knicks, and now fans are 0:05:12.200 --> 0:05:15.560 possibly just one day away from something they haven't experienced 0:05:15.600 --> 0:05:18.520 in more than half a century. Bloomberg sports reporter Randall 0:05:18.520 --> 0:05:21.920 Williams has more on the Knicks quest for an NBA championship. 0:05:22.000 --> 0:05:24.840 The Knicks haven't won a championship since nineteen seventy three. 0:05:24.880 --> 0:05:27.120 They haven't even been back to the finals since nineteen 0:05:27.200 --> 0:05:30.040 ninety nine, where they played the Spurs in that same series. 0:05:30.279 --> 0:05:33.680 So this series in game four was revenge for not 0:05:33.720 --> 0:05:35.960 only the Knicks themselves, but for fans. And you have 0:05:36.000 --> 0:05:38.320 to think about it. James Dolan, the Knicks owner, was 0:05:38.360 --> 0:05:41.239 talking a lot of smack before the game even began, 0:05:41.720 --> 0:05:43.919 saying that he guarantee you to win. I wonder what 0:05:44.000 --> 0:05:46.200 he was thinking when they were down twenty nine, but 0:05:46.240 --> 0:05:49.479 evidently one of the most miraculous comebacks that I've ever seen. 0:05:49.839 --> 0:05:51.600 A truly incredible result, Randal. 0:05:51.680 --> 0:05:54.800 This was an absolutely epic game and one I'm going 0:05:54.839 --> 0:05:56.919 to say we're going to be talking about forever. 0:05:57.600 --> 0:06:02.840 I think that og Annubi is absolutely cemented in Nick's history. 0:06:03.120 --> 0:06:04.560 Just for the last two plays of the game, you 0:06:04.640 --> 0:06:07.719 have to think about Dearon Fox. This loose ball goes 0:06:07.760 --> 0:06:10.520 skirting across the floor, Dearon Fox picks it up. All 0:06:10.520 --> 0:06:12.280 you have to do is dribble. The clockoffs. He goes 0:06:12.320 --> 0:06:15.280 up for a layup, it's blocked by Og. The next possession, 0:06:15.279 --> 0:06:18.720 Og comes down, Jalen Brunson misses a shot. 0:06:18.760 --> 0:06:19.440 OG tips it. 0:06:19.480 --> 0:06:22.080 In those two plays back to back, you could argue 0:06:22.240 --> 0:06:24.720 are the most clutch plays for the Knicks over the 0:06:24.839 --> 0:06:25.799 last fifty years. 0:06:25.920 --> 0:06:28.839 Yeah, og an instant legend for the next Now you 0:06:28.880 --> 0:06:31.320 can hear more of Bloomberg sports reporter Randa Williams on 0:06:31.360 --> 0:06:35.200 the Bloomberg Business of Sports podcast. New episodes drop Fridays 0:06:35.200 --> 0:06:37.799 at noon. Get it wherever you download podcasts, and always 0:06:37.960 --> 0:06:39.080 at Bloomberg dot com. 0:06:39.160 --> 0:06:41.599 Yeah, one more way we can ride the Nicks euphoria, 0:06:41.680 --> 0:06:44.839 because it is riding high in New York City. Alexis 0:06:44.880 --> 0:06:47.080 and Bloomberg's John Tucker joins us with more on that 0:06:47.200 --> 0:06:47.960 end of the story. 0:06:48.080 --> 0:06:51.799 John, Good morning, Nathan. So how do you possibly top 0:06:51.880 --> 0:06:53.719 Game four, the. 0:06:53.560 --> 0:06:56.479 Greenest come back and ahead the playoff history? 0:06:56.760 --> 0:06:57.919 How about a Game five? 0:06:58.120 --> 0:06:58.320 When? 0:06:58.720 --> 0:07:04.279 But that's insane? Anton. Anyway, everybody's excited. We don't quit. No, wait, 0:07:04.320 --> 0:07:05.240 do that quit? 0:07:05.360 --> 0:07:08.960 Come on the next Baby Nix five, Baby and the 0:07:09.000 --> 0:07:11.360 guy behind the ultimate tip og and anwby. 0:07:11.840 --> 0:07:12.920 Everyone's pretty excited. 0:07:13.480 --> 0:07:16.280 I'm excited, to trust me, he's excited. And then there's 0:07:16.320 --> 0:07:19.480 the knickswag. Fans have been snapping it up, whether at 0:07:19.480 --> 0:07:22.240 the NBA store in Midtown or from street vendors with 0:07:22.520 --> 0:07:26.440 suspect gear and this incredible ron has been a bonanza 0:07:26.520 --> 0:07:29.239 for Bars. A word to the wise from Noel Donovan 0:07:29.280 --> 0:07:32.040 at Bloom's Tavern on how to get in on game night. 0:07:32.400 --> 0:07:35.720 My advice is get to know your local bartenders and be. 0:07:35.760 --> 0:07:38.040 Friends of him well Z Bars is selling Blue and 0:07:38.120 --> 0:07:41.760 Orange cookies, Tompkins Square, Begel's selling the Bruns and Bodega 0:07:41.800 --> 0:07:46.200 Bengels Sandwich, Tall Poppy, and Chelsea has Nick's Cinnamon rolls, 0:07:46.640 --> 0:07:47.239 Nicks Fever. 0:07:47.520 --> 0:07:50.280 Catch it in New York coome John Tucker Bloomberg Radio. 0:07:50.480 --> 0:07:53.120 I'm gonna get me some Nick Cinnamon rolls. Oh sound good? 0:07:53.160 --> 0:07:53.480 All right? 0:07:53.480 --> 0:07:55.600 Thanks a lot, John, The Nickson out the only thing 0:07:55.680 --> 0:07:58.080 red hot. The heat is on once again up and 0:07:58.160 --> 0:08:00.560 down the East Coast. The extreme weather has the Trump 0:08:00.600 --> 0:08:05.080 Administration declaring a power emergency for the southeast. Duke Energy 0:08:05.160 --> 0:08:08.000 asked for the emergency order with temperatures set to hit 0:08:08.080 --> 0:08:11.240 up to one hundred one degrees in parts of the Carolinas. 0:08:11.520 --> 0:08:14.680 The order allows power plans to run at maximum output 0:08:14.720 --> 0:08:17.560 and go pass some air pollution limits to meet soaring 0:08:17.600 --> 0:08:20.200 AC demand. It's an effect through tonight. 0:08:20.320 --> 0:08:20.440 Well. 0:08:20.480 --> 0:08:24.040 Turning to markets now, Alexis futures are moving higher as 0:08:24.120 --> 0:08:27.560 details emerge about the draft US run deal. Stocks rallied 0:08:27.640 --> 0:08:30.559 yesterday with all three indexes gaining at least one point 0:08:30.560 --> 0:08:34.040 eight percent, and oil continues to drop on optimism the 0:08:34.080 --> 0:08:36.800 war is nearing an end. West Texas Intermediate It's down 0:08:36.840 --> 0:08:40.000 four point four percent trading Shive eighty four dollars a barrel. 0:08:40.320 --> 0:08:43.440 Brent's well below ninety now at eighty six point fifty three. 0:08:43.480 --> 0:08:45.959 That's the drop of four and a quarter percent, and. 0:08:45.960 --> 0:08:48.080 Nathan shares of Adobe are down more than four and 0:08:48.080 --> 0:08:50.640 a half percent here in early trading. The software company 0:08:50.679 --> 0:08:53.920 is looking for new leadership. Adobe says chief financial officer 0:08:54.000 --> 0:08:56.760 Dan Dern will leave the company next week. That adds 0:08:56.800 --> 0:09:00.240 further executive turnover at the company after it's CEO said 0:09:00.240 --> 0:09:03.040 in March he would step down once his successor had 0:09:03.080 --> 0:09:09.360 been appointed. Time now for a look at some of 0:09:09.400 --> 0:09:11.559 the other stories making news in New York and around 0:09:11.600 --> 0:09:13.800 the world. For that, we're joined by Bloomberg's Michael bar 0:09:13.840 --> 0:09:14.920 Good morning, Michael. 0:09:14.640 --> 0:09:15.200 Good morning. 0:09:15.200 --> 0:09:18.520 Alexis hot weather, as you mentioned, will settled over New 0:09:18.600 --> 0:09:21.400 York and the US Northeast through the end of the week. 0:09:21.600 --> 0:09:24.160 Bloomberg Media Religius Craig Allen has the latest. 0:09:24.360 --> 0:09:26.400 The eastern two thirds of the nation will have to 0:09:26.480 --> 0:09:30.920 endure another day of heat and oppressive humidity. Temperatures up 0:09:30.920 --> 0:09:34.160 to fifteen to twenty degrees above average means nineties and 0:09:34.200 --> 0:09:37.480 a heat index over one hundred for Washington to New 0:09:37.520 --> 0:09:40.360 York City into New England, just Inland from the harbor 0:09:40.400 --> 0:09:43.560 around Boston, and with FIFA World Cup Games and the 0:09:43.600 --> 0:09:47.559 request to take mass transit, there is concern for Amtrak 0:09:47.600 --> 0:09:50.440 and commuter trains because of heat on the tracks and 0:09:50.880 --> 0:09:54.520 overhead power lines. Then a few strong thunderstorms to close 0:09:54.559 --> 0:09:57.400 out today, followed by a brief reduction in temperature and 0:09:57.480 --> 0:09:58.800 humidity for Saturday. 0:09:58.880 --> 0:10:00.640 Bloomberg Media religious Greig Allen. 0:10:00.960 --> 0:10:04.440 Security will be strict this weekend when Soccer's World Cup 0:10:04.440 --> 0:10:09.120 matches start in the US. John Cohn, senior expert on 0:10:09.160 --> 0:10:12.560 global threats for the ARGO National Laboratory, has some advice 0:10:12.559 --> 0:10:14.040 for fans heading to the events. 0:10:14.320 --> 0:10:18.480 I would dramatically reduce what you carry to these events. 0:10:19.360 --> 0:10:21.599 Some of these events will have no bag policy, so 0:10:21.679 --> 0:10:24.439 if you show up with a purse or a bag, 0:10:24.920 --> 0:10:27.240 you may not be let in with that those items. 0:10:27.679 --> 0:10:30.119 Expect long lines, expect road closures. 0:10:30.400 --> 0:10:33.920 John Cohne with the Argo National Laboratory spoke to ABC. 0:10:34.480 --> 0:10:37.360 President Donald Trump's board at the Kennedy Center is trying 0:10:37.400 --> 0:10:39.760 to keep his name on the building before a court 0:10:39.960 --> 0:10:43.720 ordered deadline to remove it by today. The board voted 0:10:43.800 --> 0:10:46.160 Thursday to seek a stay of a judge's ruling that 0:10:46.280 --> 0:10:50.520 Donald Trump's name was illegally added. Global News twenty four 0:10:50.559 --> 0:10:53.119 hours a day and whenever you want it with Bloomberg 0:10:53.200 --> 0:10:56.720 News Now Michael Barr and this is Bloomberg Alexis. 0:10:57.000 --> 0:10:59.880 Well, thanks Michael. Time now for our Bloomberg Sports up, 0:11:00.320 --> 0:11:02.240 and for that we bring in John stash Hour. 0:11:02.600 --> 0:11:05.760 Game Foundlous Stanley Cup Final in Raleigh in Vegas scored first, 0:11:05.800 --> 0:11:09.280 but Carolina scored the next four Andre Stetchikov scoring twice, 0:11:09.280 --> 0:11:12.200 both on the power play. The Hurricanes beat the Golden 0:11:12.280 --> 0:11:14.480 Knights four to two and lead the series three to two. 0:11:14.520 --> 0:11:17.920 So history in the WNBA Indiana Beachicago with overtime at 0:11:17.960 --> 0:11:20.520 Kate Laclark scored thirty two points with tennis sis, her 0:11:20.520 --> 0:11:23.240 teammate of Leah Boston scored thirty four with twelve rebounds, 0:11:23.240 --> 0:11:26.480 first time ever teammates with over thirty points and a 0:11:26.559 --> 0:11:30.280 double double. Mexico and South Korea one in the World Cup. 0:11:30.320 --> 0:11:31.600 That's a Bloomberg Sports update. 0:11:33.080 --> 0:11:33.679 Stay with us. 0:11:33.800 --> 0:11:36.439 More from Bloomberg Daybreak coming up after this. 0:11:39.800 --> 0:11:44.000 Coast to coast on Bloomberg Radio, nationwide on Sirius XM, 0:11:44.120 --> 0:11:46.960 and around the world on Bloomberg dot Com and the 0:11:47.000 --> 0:11:50.079 Bloomberg Business app. This is Bloomberg Daybreak. 0:11:50.200 --> 0:11:51.400 Good morning on Nathan Hager. 0:11:51.480 --> 0:11:53.760 Markets are building on hopes for an interim peace deal 0:11:53.800 --> 0:11:58.360 between the US and Iran, hours after President Trump threatened 0:11:58.360 --> 0:12:01.920 to strike Tehran for a third straight day. But now 0:12:01.960 --> 0:12:05.000 the President says a deal is close and for more. 0:12:05.080 --> 0:12:08.920 We're joined from Dubai by Bloomberg Middle East correspondent Abir 0:12:09.000 --> 0:12:12.640 Abu almar Abir. What do we know about this potential 0:12:12.679 --> 0:12:14.920 interim deal? Good morning, Good morning, Nathan. 0:12:15.160 --> 0:12:17.640 So look, yes, what you mentioned about President Trump saying 0:12:17.679 --> 0:12:21.000 that a deal is as imminent as this weekend in Europe. 0:12:21.120 --> 0:12:25.120 It will be signed with the presidence of Vice President JD. Vance. Now, 0:12:25.160 --> 0:12:28.240 the market has reacted to that news because it was 0:12:28.240 --> 0:12:31.839 filled with some positive at your sense of this time 0:12:32.000 --> 0:12:35.680 around is different. But perhaps the market is reacting even 0:12:35.679 --> 0:12:39.000 more positively to news that emerged about forty five minutes ago. 0:12:39.400 --> 0:12:43.840 With Iran's semi official news agency Meyher, saying that the 0:12:43.920 --> 0:12:48.400 negotiations or the potential agreement that is underway is being 0:12:48.480 --> 0:12:52.160 reviewed and finalized by authorities into Ihran. So according to 0:12:52.200 --> 0:12:56.720 this semi official news agency, Iran has issued a draft 0:12:56.760 --> 0:12:59.880 with fourteen provisions. According to it, they're citing a person 0:13:00.280 --> 0:13:03.960 that is closed to the negotiations, and those fourteen provisions 0:13:04.000 --> 0:13:06.480 include some of the concessions that we've been talking about 0:13:06.520 --> 0:13:09.640 over the past couple of months. That includes a permanent 0:13:09.720 --> 0:13:13.760 and immediate station of hostilities on all fronts, including in Lebanon. 0:13:13.840 --> 0:13:17.600 Remember Lebanon was a key sticking point for Iran. That 0:13:17.640 --> 0:13:20.200 also includes a full lifting of the naval blockade within 0:13:20.240 --> 0:13:24.840 thirty days, a US commitment to withdraw forces from areas 0:13:24.880 --> 0:13:28.920 around Tehran, the unblocking of the twenty four billion dollars 0:13:29.000 --> 0:13:32.440 of frozen assets, and the lifting of oil sanctions. The 0:13:32.760 --> 0:13:35.720 report goes on to say that the final agreement, which 0:13:35.760 --> 0:13:39.280 focus exclusively on the fate of the highly enriched uranium, 0:13:39.400 --> 0:13:43.720 something that President Trump has been calling for, and sanctions relief, 0:13:43.760 --> 0:13:48.960 as well as the reconstruction of Iran economically because of 0:13:49.000 --> 0:13:52.120 the damage that it has suffered due to this war. 0:13:52.559 --> 0:13:52.800 Now. 0:13:53.000 --> 0:13:56.360 Just very important caveat here is that this is still 0:13:56.400 --> 0:14:00.280 all subject to final approvals by the negotiating team the 0:14:00.320 --> 0:14:04.160 Iranian government, and we're still waiting for some official statements 0:14:04.400 --> 0:14:06.880 from people that we have monitored in the past as 0:14:06.960 --> 0:14:10.280 official outlets for Iran, that includes the Foreign Minister, the 0:14:10.320 --> 0:14:14.720 Speaker of the Parliament, and the president himself. But for 0:14:14.800 --> 0:14:21.400 now we're seemingly getting these positive sentiment filled news from 0:14:21.640 --> 0:14:24.200 the Iranian side. You're seeing Brent crude price is really 0:14:24.200 --> 0:14:26.360 reacting to this report that just came out about again 0:14:26.440 --> 0:14:30.640 forty minutes ago, down about five percent, I believe, just 0:14:30.680 --> 0:14:33.600 above eighty dollars, levels we haven't seen in a while. 0:14:33.800 --> 0:14:36.880 In terms of the parameters that have been laid out 0:14:36.880 --> 0:14:39.760 in these semi official Iranian news reports, how do they 0:14:39.840 --> 0:14:42.520 square with what we've been hearing on the US side 0:14:42.520 --> 0:14:45.600 in terms of when the strait could reopen and what 0:14:45.760 --> 0:14:48.240 happens with Iran's frozen assets. 0:14:48.520 --> 0:14:51.200 Right, So that's the other caveat right. We also don't 0:14:51.240 --> 0:14:54.400 know if this statement that came out from Meher is 0:14:54.880 --> 0:14:58.800 in line with the MoU that President Trump passed outed yesterday. 0:14:58.840 --> 0:15:01.560 So President Trump hassed out it yesterday that the MoU 0:15:01.600 --> 0:15:04.720 that is underway that is imminent, according to him, will 0:15:04.760 --> 0:15:08.360 address the reopening, the immediate reopening of the Strait of 0:15:08.400 --> 0:15:12.120 Her Moves, and it will address Iran's nuclear program. Those 0:15:12.160 --> 0:15:14.680 are the two things that he has mentioned. But according 0:15:14.680 --> 0:15:17.280 to the statement that we're getting from Iran, it really 0:15:17.320 --> 0:15:20.760 falls into Iran's favor because we're seeing that Iran is 0:15:20.800 --> 0:15:23.760 saying that the negotiations for a final ceasefire or the 0:15:23.840 --> 0:15:26.160 final deal are not going to go through until the 0:15:26.240 --> 0:15:29.760 unblocking of half of the twenty four billion dollars in 0:15:29.800 --> 0:15:33.200 frozen acids goes through, and so President Trump has opposed 0:15:33.200 --> 0:15:36.520 that in the past. Iran Hawks and Washington have opposed 0:15:36.560 --> 0:15:39.800 that in the past, adding pressure on President Trump. We're 0:15:39.800 --> 0:15:42.400 also seeing the lifting of the oil sanctions, yet another 0:15:42.440 --> 0:15:45.440 thing that Washington is opposed to. So this whole deal 0:15:45.720 --> 0:15:48.880 seems to be playing very much into Iran's favor, and 0:15:48.920 --> 0:15:51.560 that is why I added those caveats, because we're still 0:15:51.640 --> 0:15:54.560 waiting to see what the US responds to this deal 0:15:54.680 --> 0:15:57.640 is and whether it's in fact what they have been discussing, 0:15:58.000 --> 0:16:01.560 or whether we're back to this back and forth rhetoric 0:16:01.720 --> 0:16:05.600 between the warring parties. Israel Nathan, and I may add 0:16:05.720 --> 0:16:09.120 is another sticking point here because Israel earlier this morning 0:16:09.200 --> 0:16:12.880 said that it wasn't privy to the Molu that President 0:16:12.960 --> 0:16:17.360 Trump had touted yesterday. And so Israel continues its incursion 0:16:17.480 --> 0:16:20.240 in Lebanon, and so we're still getting some of that 0:16:20.320 --> 0:16:24.680 conflicting or some of those conflicting statements from all parties 0:16:24.680 --> 0:16:28.400 because Iran is saying all hostilities ending, including in Lebanon. 0:16:28.760 --> 0:16:31.800 Israel continues its incursion in Lebanon. So we'll have to 0:16:31.800 --> 0:16:34.840 wait and see if that is in fact addressed, and 0:16:34.880 --> 0:16:37.600 that over the next twenty four to forty eight hours 0:16:37.600 --> 0:16:41.120 and into Sunday. As you have mentioned the G seven 0:16:41.200 --> 0:16:44.720 aspect there, those will be important hours for. 0:16:44.680 --> 0:16:45.240 Us to watch. 0:16:45.360 --> 0:16:47.560 I really appreciate you coming on to give us the 0:16:47.680 --> 0:16:50.560 latest breaking details on this as we continue to watch 0:16:50.560 --> 0:16:53.920 them emerge. That's Bloomberg Middle East correspondent Abir abu Omar 0:16:54.480 --> 0:16:57.400 joining us this morning from Dubai. We want to turn 0:16:57.440 --> 0:17:00.920 now to one of our other major top stories. It 0:17:01.080 --> 0:17:05.760 is history Made on Wall Street. SpaceX is officially the 0:17:05.760 --> 0:17:10.240 world's biggest initial public offering, raising seventy five billion dollars 0:17:10.280 --> 0:17:12.280 on a one hundred and thirty five dollars a share, 0:17:12.640 --> 0:17:17.439 more than a half a billion shares offered, putting Elon 0:17:17.560 --> 0:17:20.760 Musk now on the verge of becoming the world's first trillionaire. 0:17:20.920 --> 0:17:22.200 So many superlatives. 0:17:22.720 --> 0:17:26.640 Dan Ives is Global head of Tech Research at Wedbush Securities. 0:17:27.160 --> 0:17:32.040 Anyone that's owning SpaceX, you're buying it for the Musk factor, 0:17:32.200 --> 0:17:35.640 and maybe that bet against Tessela and Musk going back 0:17:35.680 --> 0:17:37.040 a decade ago. 0:17:37.359 --> 0:17:40.119 That was I mean, that was proven historically wrong. 0:17:40.359 --> 0:17:43.639 I was Whdbush analyst Dan Ives for more were joined 0:17:43.640 --> 0:17:47.760 by Bloomberg News senior reporter Bailey Lipschultz, and it has 0:17:47.840 --> 0:17:50.399 to be said, Bailey, so much of this really is 0:17:50.560 --> 0:17:54.880 driven by the retail excitement around Elon Musk. Is that 0:17:55.040 --> 0:17:58.680 really what's underpinning you know, just what I was talking about, 0:17:58.720 --> 0:18:03.560 so many of the superlatives surrounding this spacexipl good morning, Good. 0:18:03.359 --> 0:18:05.240 Morning, Nathan. I think that's a big driver. 0:18:05.680 --> 0:18:08.320 And when you talk to folks around the company, there's 0:18:08.359 --> 0:18:13.359 a view of SpaceX, much like Tesla, that the retail 0:18:13.560 --> 0:18:17.600 investor understands these companies better, or at least is willing 0:18:17.640 --> 0:18:20.800 to give Elon Musk more credit, more grace than most 0:18:20.800 --> 0:18:23.680 institutional investors. But that's not to say that this wasn't 0:18:23.680 --> 0:18:27.360 a deal that was heavily heavily bid up and chased 0:18:27.400 --> 0:18:30.920 by institutions. We reported that a number of firms put 0:18:30.960 --> 0:18:33.600 in orders for more than ten billion dollars worth of shares. 0:18:33.800 --> 0:18:36.639 We put an put out news that Blackrock indicated an 0:18:36.640 --> 0:18:40.399 interest of at least five billion dollars. Number of sovereign 0:18:40.440 --> 0:18:43.560 wealth funds and pension funds also seemingly trying to get 0:18:43.560 --> 0:18:45.119 their hands on as much as they could. 0:18:45.240 --> 0:18:47.400 So it is a retail story. 0:18:47.520 --> 0:18:50.679 Retail is a big component, but when you look at 0:18:50.720 --> 0:18:53.560 a deal that comes together that raises seventy five billion dollars, 0:18:54.440 --> 0:18:57.520 it's hard to do that without institutional investors. 0:18:57.560 --> 0:18:58.800 So certainly a mix. 0:18:58.640 --> 0:18:59.000 Of the two. 0:18:59.400 --> 0:19:01.320 I think we'd I had some reporting as well that 0:19:01.359 --> 0:19:04.520 there was more interest on the retail side than there 0:19:04.520 --> 0:19:08.760 were even shares available. What does that mean for you know, 0:19:08.960 --> 0:19:10.679 some of these mom and pops or even some of 0:19:10.680 --> 0:19:13.399 the institutional investors who who could be left out in 0:19:13.400 --> 0:19:14.600 the cold after this IPO. 0:19:15.400 --> 0:19:17.000 There's a lot of excitement, and I think that was 0:19:17.040 --> 0:19:20.159 a big question going into the pricing and throughout this 0:19:20.400 --> 0:19:24.480 entire process. Somewhere between twenty and thirty percent of the 0:19:24.480 --> 0:19:27.440 shares being sold to retail investors. What does that mean 0:19:27.840 --> 0:19:30.639 called fifteen to twenty billion dollars of stock is taken 0:19:30.680 --> 0:19:35.119 away from institutional investors. From the company's perspective, and Elon 0:19:35.200 --> 0:19:38.440 has been a long kind of vocal supporter of retail, 0:19:38.680 --> 0:19:42.760 that makes sense. Get your loyal investors some shares in 0:19:42.800 --> 0:19:45.040 their accounts and let them want to chase more. From 0:19:45.080 --> 0:19:48.160 the institutional side, it can be kind of upsetting because 0:19:48.200 --> 0:19:50.600 maybe you put in an order that was quite large 0:19:50.600 --> 0:19:54.399 and you're getting, you know, one tenth one twentieth of 0:19:54.480 --> 0:19:56.439 what you thought you were going to get. So when 0:19:56.480 --> 0:19:58.719 you look at kind of how this deal came together, 0:19:59.040 --> 0:20:01.600 I think the big question is when we do see 0:20:01.640 --> 0:20:05.240 the stock open up, how much excitement is coming from 0:20:05.240 --> 0:20:07.800 retail to your perspective, your point, and how much is 0:20:07.840 --> 0:20:12.200 coming from institutions. Because IPOs can be quite volatile. We've 0:20:12.280 --> 0:20:15.679 seen that a number of times. Where this thing opens, 0:20:15.720 --> 0:20:17.879 I think is really anyone's guests. So it's going to 0:20:17.880 --> 0:20:19.320 be fascinating to watch, Well. 0:20:19.160 --> 0:20:22.879 What are we expecting when it comes to these shares 0:20:23.200 --> 0:20:26.399 coming to market when the market opens this morning. How 0:20:26.480 --> 0:20:30.440 much volatility could we see around space AX a. 0:20:30.359 --> 0:20:31.160 Lot of volatility. 0:20:31.200 --> 0:20:34.159 I think that's a foregone conclusion just for folks who 0:20:34.200 --> 0:20:35.840 have never traded an IPO. 0:20:36.760 --> 0:20:38.240 It won't open at nine point thirty. 0:20:38.440 --> 0:20:41.679 We'll start to probably get indications of where it could 0:20:41.800 --> 0:20:45.000 open in the ten o'clock hour. This is a process 0:20:45.000 --> 0:20:48.240