Can anyone justify the SpaceX proposed IPO valuation?

      May 30, 2026 /

      SpaceX headquarters

      You know we might be in a bubble when you read through the SpaceX S-1 filing.

      Scott Galloway has a history of calling out ridiculous IPOs and S-1s . . . remember WeWork? Galloway takes a look at the SpaceX S-1 and points out some amazing valuation claims. Galloway argues the proposed valuation is disconnected from current financials. At the low end of the reported target, SpaceX would trade around 94x sales, above even very high-multiple public tech names; his sum-of-the-parts math gets closer to $1 trillion, not $1.75–$2 trillion. He also criticizes the pitch’s huge $28 trillion TAM, including assumptions like near-universal Starlink adoption and enterprise AI markets far larger than today’s enterprise software market.

      Galloway is basically explaining that the IPO asks public investors to pay today for a best-case, multi-decade outcome for SpaceX. Basically, investors will be funding Elon Musk’s grandest ambitions. And yes, Elon has done some amazing things with SpaceX and Tesla. And, Galloway has been famously wrong (as he admits repeatedly) about Tesla’s valuation. But the numbers are clear. Musk is making a massive bet, and the upside is already baked in here.

      We’ll see if this has any impact on the IPO. Other analysts are making the same case when they drill down into the numbers.

      Economy, Markets, Technology

      The $5 Billion Illusion: LIV Golf Was Never Really a Business

      May 1, 2026 /

      Phil Mickelson LIV Golf

      After four years, billions of dollars, and an ugly civil war in professional golf, Saudi Arabia’s Public Investment Fund has decided it has seen enough. LIV Golf, the tour that was supposed to shake the foundations of professional sport, is now scrambling for survival after its sovereign backer walked away. The story of how it got here raises an uncomfortable question that was always lurking in the background: was LIV Golf ever actually meant to be a business at all?

      The answer, increasingly, looks like no. And that realization carries implications far beyond golf.

      Continue reading »

      General Business, World

      GLP-1 Drugs Having Interesting Effects on Businesses

      April 30, 2026 /

      pretty asian bride in wedding dress holding bouquet of flowers

      We’ve all heard about how the exploding use of GLP-1 drugs has impacted restaurants and the food industry. People are eating less, and that’s rippling through the economy.

      Now we’re seeing other impacts for businesses beyond the food industry.

      Planning a wedding is stressful enough without unexpected complications. But for brides using GLP-1 weight-loss medications like Ozempic or Mounjaro, finding the perfect dress has become even more challenging. Some bridal shops are now requiring customers to sign legal waivers before purchasing gowns that do not currently fit, protecting the business from returns and alterations caused by rapid weight loss.

      Nicole Hamilton, a New York product designer, experienced this firsthand. She started GLP-1 medications to feel healthier ahead of her wedding. As the pounds came off quickly, she chose an A-line gown with a waist about three inches smaller than her size at the time of purchase. Before she could take the dress home, the shop asked her to sign a waiver acknowledging that it did not fit yet. “The size stuff definitely made it stressful in a way that it wouldn’t have been otherwise,” Hamilton said. Still, she enjoyed most of the process.

      Continue reading »

      General Business, Small Business

      Trump vs. Exxon: When Irresponsible Policy Meets Oil Industry Reality

      January 12, 2026 /

      oil refinery

      Sadly, we have an idiot running the country.

      In a fresh twist on U.S.-Venezuela drama, President Trump is clashing with Exxon Mobil over his ridiculous push to revive the country’s massive but battered oil sector following the U.S.-backed ouster of Nicolás Maduro.

      At a White House meeting on Friday with top oil executives, Trump pitched big incentives: unspecified U.S. security guarantees for companies willing to invest heavily in fixing Venezuela’s crumbling energy infrastructure. He envisions U.S. firms (and others) pouring in billions to boost production, lower global energy prices, and deliver economic wins back home.

      Continue reading »

      Energy, World

      Trump’s tariffs create headaches for U.S. spirits industry

      December 29, 2025 /

      Jim Beam bottle of whiskey next to cocktails on bar

      Donald Trump has created a mess with his tariffs, and we’re starting to see evicence across various industries.

      The spirits industry in the U.S. is facing all sorts of challenges. Young people are drinking much less alcohol. The post-Covid booze boom has subsided. And there’s a ton of supply. One executive in the beer business told me this is the worst year of his 35-year career.

      The recent news from Jim Beam has certainly rattled people. The company is pausing production of its flagship bourbon product for all of 2026! That’s a real punch in the gut.

      The Wall Street Journal Editorial Board doesn’t mince words as they place blame squarely and Trump an dhis tariffs. Even as some tariffs are lifted, the damage has been done. Canadians hate him and gleefully avoid American products. So it’s much more than a simple cost issue. It’s a destruction of the American brand. It will be interesting to see how this starts to manifest in other industries.

      Branding, Economy, General Business, Trade

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