Forbes Topline

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Jun 2026

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Forbes Topline brings the day's top stories from the Forbes Breaking News desk directly to your feed.

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June 12, 20263 min

Elon Musk Becomes The World's First Trillionaire Ever After SpaceX IPO

Elon Musk just became the first trillionaire in world history. SpaceX’s stock began trading on the Nasdaq Friday at $150 per share, implying a nearly $2 trillion market cap for the company. Forbes estimates that Musk is now worth $1.1 trillion as of just before noon eastern Friday, up from $982 billion on Thursday, when SpaceX priced its IPO at $135 share. The IPO pricing boosted Musk’s fortune by $188 billion yesterday, according to Forbes’ calculations. Musk, who serves as chairman, CEO and chief technical officer of SpaceX, owns 4.8 billion shares of the rocketmaker, worth $715 billion. He has another 350 million stock options with an exercise price of $8.40 per share, worth $50 billion, giving him a 38% stake in the company, worth $765 billion. Before SpaceX priced its IPO on Thursday, Forbes had been valuing Musk’s estimated 40% stake (before dilution from the offering) at around $500 billion, based on the $1.25 trillion valuation of SpaceX’s merger with Musk’s artificial intelligence and social media company xAI in February. (xAI previously merged with X–formerly Twitter–in March 2025.) Musk also owns just over 10% of $1.5 trillion (market cap) Tesla, worth $163 billion, plus options to acquire another nearly 8% stake, worth $113 billion. Rounding out his net worth are smaller stakes in his brain interface startup Neuralink and his tunneling firm Boring Company, plus several billion dollars’ of wealth from previous Tesla share sales. Learn more about your ad choices. Visit megaphone.fm/adchoices

June 11, 20263 min

Larry Ellison’s Net Worth Plunges $10 Billion—Falls Behind Bezos To Fifth-Richest

Larry Ellison’s fortune declined by more than $10 billion on Tuesday, dropping him behind Jeff Bezos to the No. 5 spot among the wealthiest as Oracle shares stumbled amid another broad decline for tech stocks. Shares of Oracle dropped by more than 4% as of Tuesday afternoon, extending losses of 17% over the last week, as other tech stocks headlined declines across the stock market, including Marvell (11.5%), AMD (7.2%), Micron (5.9%), Apple (3.8%) and Nvidia (2.6%). The latest intraday slide for Oracle lowered Ellison’s net worth by $10.4 billion, valued at $249.7 billion, ranking him behind Amazon’s Bezos ($252 billion) and Google cofounders Sergey Brin ($272.7 billion) and Larry Page ($295.6 billion), according to Forbes’ Real-Time Billionaires list. Learn more about your ad choices. Visit megaphone.fm/adchoices

June 10, 20263 min

Inflation Hit Highest Rate In 3 Years In May

Inflation rose to its highest annual rate in three years in May, as surging oil costs once again fueled broader price increases amid a persistent conflict in the Middle East, according to federal data released Wednesday. Consumer prices increased 4.2% from May 2025 and 0.5% between April and May, the Bureau of Labor Statistics reported, matching consensus economist estimates, according to FactSet. That’s the first time inflation crossed the 4% annual rate since May 2023 (4%), and it’s the highest rate since April 2023 (4.9%). Learn more about your ad choices. Visit megaphone.fm/adchoices

June 9, 20263 min

OpenAI Has Filed Paperwork To Go Public

OpenAI has confidentially filed an S-1 form for an initial public offering, the company said in a brief statement on Monday, about one week after artificial intelligence rival Anthropic did the same as several of the largest companies in the industry prepare to go public. In a brief statement released on Monday evening, OpenAI said it expected news of the confidential filing to leak, prompting it to announce the filing early. The company said it hasn’t decided when the highly anticipated IPO would take place, warning that quote “it may be a while because there are things we want to do that are likely easier as a private company.” Learn more about your ad choices. Visit megaphone.fm/adchoices

June 8, 20264 min

Elon Musk Boosts Unsubstantiated Claims About LA Mayor Election As Spencer Pratt Drops To Third

Elon Musk early on Monday boosted unsubstantiated claims questioning the results of the primary elections in California, focusing specifically on the Los Angeles Mayoral primary, as the progressive Democratic candidate Nithya Raman overtook Republican Spencer Pratt's vote count, putting her on track to join incumbent mayor Karen Bass in a runoff. According to the Associated Press, 83% of the votes have been tallied so far in the Mayoral primary and Raman has secured 27.1% of the vote, putting her narrowly ahead of Pratt, who has 26.7%. AP has already called the race for Bass, who is moving ahead to the runoff, where she will be joined by either Pratt or Raman. Pratt, a former reality star whose campaign borrowed President Donald Trump’s playbook and leaned on dissatisfaction over Bass’ handling of last year’s wildfires, was leading Raman when the first tranche of votes was released last Tuesday night. Learn more about your ad choices. Visit megaphone.fm/adchoices

June 5, 20264 min

Gautam Adani Becomes Asia’s Richest Billionaire As Net Worth Swells By $2 Billion

Gautam Adani’s fortune increased by roughly $2.5 billion on Friday as shares rallied across his Adani Group subsidiaries, making him the richest person in Asia ahead of Mukesh Ambani, who briefly held the title. Adani’s net worth swelled to $89.2 billion, ranking him ahead of Ambani and SoftBank’s Masayoshi Son, who held the title of Asia’s richest before shares of the Japanese investment firm plunged on Thursday, according to Forbes’ Real-Time Billionaires list. A boost to Adani’s net worth followed a broader stock surge across companies under the umbrella of his Adani Group, including Adani Power (up 1.1%), Adani Ports (1.9%), Adani Enterprises (2.3%), Adani Green Energy (6.9%) and Adani Energy Solutions (3.8%). Learn more about your ad choices. Visit megaphone.fm/adchoices

June 3, 20264 min

Larry Ellison Becomes Third-Richest Man As Oracle Shares Hit Year’s High

Oracle shares hit a 2026 intraday high Monday, extending a furious late-May rally that has recast the database pioneer as a marquee AI-infrastructure player and boosted the fortune of cofounder Larry Ellison, who holds roughly 40% of the company. Oracle traded as high as $233.72 Monday, after surging about 11% Friday to cap software's strongest month since 2001. The company has pivoted from a mature software vendor into a major player in the AI boom, renting compute power to the largest AI developers like OpenAI. Learn more about your ad choices. Visit megaphone.fm/adchoices

June 2, 20264 min

Knicks Finals Tickets Cost More Than Manhattan Rent, Mortgages, More

he first NBA Finals appearance in decades for the New York Knicks comes with a hefty cost for fans, who will have to pay thousands of dollars for even the cheapest seats inside Madison Square Garden—rivaling the average monthly rent for a Manhattan apartment, the average price of an engagement ring and several transatlantic flights. The Knicks first host the San Antonio Spurs at Madison Square Garden on June 8 for Game 3, with the cheapest resale ticket priced at $4,247, before the get-in price drops slightly to $3,728 for Game 4 on June 10, according to TickPick. If the series extends to a Game 6, the cheapest price for a ticket to the late-series game rises to a Finals high of $4,917 for Game 6, according to TickPick. Learn more about your ad choices. Visit megaphone.fm/adchoices

June 1, 20263 min

Anthropic Confidentially Files For Its Highly Anticipated IPO

Claude maker Anthropic has confidentially filed initial paperwork with the Securities and Exchange Commission, taking a step toward a potential initial public offering that could reportedly come as early as late 2026. The filing sets neither a share count nor a price. The move arrives just days after the company closed a $65 billion round that valued it at $965 billion—eclipsing rival OpenAI and cementing its status as the most valuable startup in artificial intelligence. Anthropic’s most recent round nearly tripled its valuation of $380 billion in roughly three months. Learn more about your ad choices. Visit megaphone.fm/adchoices

May 29, 20264 min

Rich Americans Are Collecting Citizenships As ‘Plan B’ In Uncertain Times

Uber-rich Americans are collecting multiple residencies and citizenships for the same reason they diversify their stock portfolios—to hedge against risk in an unpredictable world, investment migration experts tell Forbes. The U.S. has replaced China as the largest market for clients seeking secondary or tertiary citizenships, Eric Major, CEO and chairman of the investment migration advisory firm Latitude World, told Forbes. Learn more about your ad choices. Visit megaphone.fm/adchoices