It's Not Easy Being a Trillionaire

Listen and subscribe to Everybody's Business on Apple , Spotify , iHeart and the Bloomberg Terminal Everybody's Business Elon Musk Wants A Piece of Your 401(k) Arrow Right 37:42 On April 1, aerospace enthusiasts turned their attention to a historic rocket launch that had nothing to do with Elon Musk. NASA's Artemis II mission will (if all goes as planned) take astronauts around the far side of the moon and back for the first time in half a century. It also involves spacecraft made by big aerospace contractors that Musk has spent two decades trying to displace. The world's richest person had previously argued the entire program should be scrapped, perhaps for one that more prominently features his own, in-development rocket. But if Musk was frustrated watching competitors get all the glory, he didn't let it show. Instead, SpaceX confidentially filed what could wind up being the biggest-ever initial public offering. If investors value the company the way he hopes they will, it could wind up with a valuation close to $2 trillion, making Musk the world's first trillionaire. This week on Everybody's Business, Bloomberg reporter Dana Hull joins to explain why there is more reason than ever to be skeptical of Musk's promises, and why investors may go along with his lofty valuation anyway. Despite SpaceX's near-monopoly on launches in recent years and its successful satellite internet service, the company is likely in the red after its merger with Musk's AI startup, xAI, which as of last year was losing $1 billion per month. Like with Tesla, which has pivoted away from traditional car manufacturing towards robotaxis and humanoid robots, Musk is selling a futuristic vision involving unproven technologies (in this case, data centers in space) that the world may not need or want. (At Tesla, the results so far have been uneven.) And then there's the perennial risk factor that is the South Africa native himself. Musk is currently locked in a messy lawsuit with OpenAI Inc., in which legal arguments recently centered on the admissibility of Musk's ketamine use. (Musk has denied using the drug recreationally and said he previously took it with a prescription to treat his depression.) On the other hand, as Hull argues, all of this is part of the package with Musk. In the past, investors have loved his gonzo approach to technology development and come to accept his foibles. Fear of missing out may be an even more powerful psychoactive substance than "rhino ket." Also this week, reporter Laura Curtis joins to explain how small businesses are thinking about potential refunds on the one-year anniversary of Donald Trump's (thanks to the US Supreme Court) kneecapped global trade war. With the administration balking at paying up, businesses may aren't counting on getting their money back soon (if ever). And for our underrated stories, we discuss an unsolved candybar heist that has become a massive marketing opportunity and an unfortunate development for warm weather winter sports fans. About the show: Every week, hosts Stacey Vanek Smith and Max Chafkin take a look at the week's business news and break down what you need to know with the help of Bloomberg journalists, experts and the people and businesses trying to navigate the economy every day.