Elon Musk’s entrepreneurial path includes founding Zip2, co-founding PayPal, and launching SpaceX, Tesla, Neuralink, and The Boring Company.
He started Zip2 in 1996 and co-founded X.com (later PayPal) in 1999 before founding SpaceX in 2002. Musk joined Tesla as chairman in 2004 and went on to create Neuralink and The Boring Company in 2016.
His ventures showcase a relentless drive to innovate across diverse industries.
Market Wrap
Triple Trouble: US Downgraded, Sentiment Crashes, Tax Bill Paused
U.S. Sovereign Rating Downgrade:
On May 16, Moody’s downgraded the U.S. government’s long-term issuer and senior unsecured ratings from Aaa to Aa1, changing the outlook to stable, citing rising federal debt levels and growing interest-payment burdens.
Consumer Sentiment Plunges:
The University of Michigan’s final May consumer sentiment index fell to 50.8, down from 52.2 in April and marking the lowest reading since 1980, as rising inflation expectations and tariff concerns weighed on households. This sharp drop underscored the disconnect between “soft” sentiment and the rally in hard market data, contributing to volatility in consumer-sensitive sectors.
Tax Bill Vote Delayed:
A key House vote on President Trump’s proposed “Big, Beautiful Bill” to extend the 2017 tax cuts was postponed after opposition from hard-line Republicans, introducing uncertainty around future fiscal policy and contributing to upward pressure on Treasury yields.
Novo Nordisk A/S shares dropped 2.7% after the company disclosed that CEO Lars Fruergaard Jørgensen would step down, raising questions about leadership continuity amid intense competition in the weight-loss drug market.
UnitedHealth Group Inc. shares surged 6.4%, snapping an eight-day losing streak as investors reacted to reports of progress in resolving a Justice Department probe and the company’s strategic responses to it.
Verizon Communications Inc. shares gained after the FCC approved its $20 billion purchase of Frontier Communications’ fiber-optic assets, clearing a major regulatory hurdle.
Applied Materials Inc. shares fell 5.3% after the company beat Q1 earnings estimates but issued a weaker-than-expected revenue forecast for the remainder of the year.
Charter Communications Inc. shares rose 1.8% following the announcement of its $34.5 billion acquisition of Cox Communications, a deal expected to strengthen its broadband footprint.
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