Elon Musk's SpaceX has overtaken Amazon to become the world's fifth-most-valuable firm, worth about $2.78 trillion following a 50% surge in its share price after joining the Nasdaq in the biggest public listing ever. The company's stock value now exceeds Amazon's $2.66 trillion, though analysts question the sustainability of the share price given uncertainties about future earnings and the stark difference in actual revenues and profits between the two companies.
16 June 2026 · Joy Online →
SpaceX has agreed to buy AI coding start-up Cursor (Anysphere) for $60 billion days after its own record IPO on Nasdaq, which valued the rocket company at over $2 trillion. The acquisition follows a partnership agreement from April that gave SpaceX the option to either buy Cursor for $60 billion or pay $10 billion for work completed together.
16 June 2026 · Joy Online →
A Michigan pension fund led a class action lawsuit against Microsoft in federal court, claiming the company defrauded shareholders by failing to disclose slowing Azure cloud growth and the need to spend billions on AI infrastructure. Microsoft's shares fell 10% on January 29 following its quarterly earnings report, erasing about $357 billion in market value, and the company denies the claims as without merit.
16 June 2026 · Joy Online →
A federal judge in San Francisco dismissed xAI's lawsuit accusing OpenAI of stealing trade secrets related to its Grok chatbot, ruling xAI failed to show OpenAI induced a former engineer to divulge confidential information. The dismissal marks Musk's second legal loss against OpenAI in four weeks.
16 June 2026 · Joy Online →