Story of the Week (DR):

Elon Musk's SpaceX set to go public in $1 trillion share listing

Elon Musk’s rocket and satellite company SpaceX has confidentially filed for an initial public offering with the Securities and Exchange Commission

The firm could seek a valuation of $1.75 trillion with a public listing around June.

A confidential filing means that SpaceX will submit its financials to the SEC before revealing them to the public, which must occur at least 15 days before the IPO roadshow.

Musk owns 42% of the SpaceX now, according to Pitchbook, though that figure will change with the IPO when new owners are issued shares.

Among current SpaceX owners is Donald Trump Jr, the president’s oldest son. He owns a shares through 1789 Capital. That venture capital firm made him a partner shortly after his father won the presidency for a second time and has been buying up federal contractors seeking to win taxpayer money ever since.

The White House and Trump himself have repeatedly denied there are any conflicts of interest between his role as president and his family’s businesses.

Public investors may get low-vote shares, while insiders could hold super-voting stock with roughly 10 to 20 votes per share, if the reported structure is adopted.

Reports suggest SpaceX has been adding board members as it prepares for the IPO process.

The company’s board has historically included Elon Musk, Gwynne Shotwell, Antonio Gracias, Luke Nosek, Steve Jurvetson, and Donald Harrison in reporting about its governance.

Gwynne Shotwell is widely reported as president and COO, and Bret Johnsen as CFO

Big Banks Seeking a Piece of SpaceX’s I.P.O. Must Subscribe to Elon Musk’s

Musk is requiring Wall Street firms to purchase subscriptions to his A.I. chatbot if they want to advise on one of the largest initial public offerings in history.

Air Canada CEO will retire this year after his English-only crash message was criticized

Michael Rousseau is stepping down following a massive public outcry after he delivered a condolence video almost entirely in English regarding a fatal plane crash that killed a French-speaking pilot.

Critics and politicians, including Quebec’s Premier, were outraged that Rousseau failed to fulfill a high-profile 2021 promise to learn French, viewing his English-only response to a tragedy as a sign of deep cultural disrespect.

Air Canada’s board has launched a global search for a successor and explicitly stated that fluency in both English and French is now a non-negotiable requirement for the next CEO.

The company clarified that while a "comprehensive internal development program" has been in place for two years, the recent controversy accelerated the timeline for his departure.

Rousseau will officially retire at the end of the third quarter (September 30, 2026), staying on until then to ensure a "seamless transition" and assist the board during the handover.

Air Canada CEO Michael Rousseau initially stated he did not intend to step down following backlash over an English-only video regarding a runway incident

Elon Musk called the decision “crazy” and suggested “it is not reciprocal.”

“There are many one-sided laws in Canada that mandate French at the expense of English,” he posted to X, along with a Grok answering his request to provide a list of Canada’s French language laws and explain “how this is hypocritical compared to no English mandate laws.”

“Extremely hypocritical and unfair!”

Oracle fired up to 30,000 workers via email after a 95% profit surge. Tech companies are cutting almost 1,000 jobs/day DR

Oracle Corp.’s mass layoffs on Tuesday were part of the company’s cost-cutting measures as it continues to build out expensive data centers for powering artificial intelligence.

But one aspect of the mass layoffs — which were estimated to be as many as 30,000 people — was alerting workers over email at 6 a.m. Eastern that Tuesday would be their last day.

The terse message, sent to workers in multiple regions and time zones, carried no executive name and was instead signed off simply as 'Oracle Leadership.'

“We are sharing some difficult news regarding your position.

After careful consideration of Oracle's current business needs, we have made the decision to eliminate your role as part of a broader organizational change. As a result, today is your last working day.

We are grateful for your dedication, hard work, and the impact you have made during your time with us.

After signing your termination paperwork, you will be eligible to receive a severance package subject to the terms and conditions of the severance plan. You will receive an email from DocuSign to your Oracle email address with details on your severance and termination date.

Immediate Action Required

To receive important follow-up information, including FAQs and separation documents to help you through this transition, you must provide a personal email address.

Please click here to submit a personal email address immediately. If you make a submission error, please re-submit a new form. Please Note: The personal email address will only be used for correspondence regarding separation-related information and severance agreements.

Access to your computer, email, voicemail, and files will be deactivated soon, and you will be unable to log into your computer. As a reminder, you are prohibited from downloading, copying or retaining (including emailing yourself) any Oracle confidential information.

Thank you for your contributions to our organization. If you have additional questions, please reach out to the HR team via the Ask HR page or at (888) 404-2494.

Oracle Leadership”

“After careful consideration of Oracle’s current business needs, we have made the decision to eliminate your role,” an email to one affected employee, obtained by MarketWatch, read.

Survivors of the cuts were allegedly told by senior management that they would need to 'ramp up efficiency' and 'stretch' to cover the workload left by departed colleagues, a suggestion that many are resisting.

Allegations that automated tools influenced redundancy decis...

Oracle’s bloodbath, Musk’s SpaceX, company “overstaff” gaslight, Jamie Dimon says