SpaceX IPO launches Musk to trillionaire status

Elon Musk became the world’s first trillionaire this week, after his company SpaceX when public on Wall Street and the stock surged in response.

The rocket, satellite and AI technology company saw a flurry of investor transactions on day one for a piece of its future, which means SpaceX now has billions in capital funding. Musk is also the largest shareholder, which means that enthusiastic response on Wall Street added hundreds of billions to his fortune.

From data centres in space to future space missions, SpaceX is going to need a lot of that funding if it wants to reach its business goals.

But it’s not just traditional investors that are driving the hype.

“One can’t help but get excited about the new frontiers and what they’ve been able to accomplish,” says Paul MacDonald, president and co-chief investment officer at Harvest ETFs.

“The space frontier is something that there has not been a lot of investable options for people, but just the sheer broad interest, from a human perspective, I think that has captured a broader interest than perhaps just the investment industry.”

Read more about why SpaceX may see some volatility down the line.

Protein powder shortage could ‘whey’ on consumers

Whether you’re a gym rat or just someone trying to eat healthier, you’re likely about to pay more for food containing protein powder as food businesses struggle with the rising cost of whey protein.

The global whey market is facing a “once-in-a-generation supply crisis,” a report by global market research firm Market Decipher said on Monday.

“When you own a food brand, you always are putting your business in the hands of your ingredient suppliers, the quality and the amount that they can supply,” said Aelie Swift, founder of Calgary-based health food brand HelloAmino.

The company makes a range of health foods, from beverages and desserts to breakfast foods, with protein.

“Every single product we sell carries and uses whey isolate,” she said.

In the last year or so, Swift has found her costs going up as the domestic supply of whey protein from Canada has dried up.

Read more about why protein supplies are shrinking and what some alternatives are.

Smaller wedding, bigger down payment

As the heightened cost of living weighs on Canadian households, some wedding planners and vendors say they’ve noticed a shift with their clients who are scaling back their plans with smaller weddings.

During the Covid-19 pandemic, “micro” weddings were a trend amid social distancing and restrictions on large gatherings.

Voluntarily shrinking a wedding or making other sacrifices on the big day could also mean saving money for other priorities — like a down payment on a home.

“An average wedding that you would see on Pinterest — that’s more like $50,000 plus, and I think people just don’t have it and aren’t willing to spend that when they’re starting their new chapter as a married couple and don’t want to spend the next 10 years in debt — they want to buy a house,” says Alicia Thurston, CEO of Pop-Up Chapel.

Many industry experts say couples are surprised when their initial idea for a wedding is estimated to cost far more than they initially thought. This means many have to make some sacrifices if they want to keep their long term goals within reach.

That could include having a smaller wedding, or doing away with other elements. At the same time, many couples are willing to spend money on specific elements of their wedding if they provide meaningful value.

Read more about how smaller weddings can help couples save money.