Friday, June 12th Edition
Cory Ohlendorf
Compiled and written by
CORY OHLENDORF
Valet. Editor

Today’s Big Story

A Trillion Dollars Is Epic

 

Can you tell the difference between a million, a billion and a trillion? Spoiler: No, you can’t.

 

I don’t need a trillion bucks. Hell, I don’t even need a billion. I could probably survive on a what, a few hundred million? Maybe less if the cost of gas goes down and I stop buying Diptyque candles. But seriously, we need to talk about the sheer magnitude of one trillion dollars. Why?

Because we’re now entering the era of history’s first trillionaire. Sort of. Musk’s SpaceX, a rocket, satellite internet and artificial intelligence company that’s bleeding cash and has puny sales compared to established technology giants, announced Thursday the price for its initial public offering of $135 per share. The step sets up a blockbuster IPO that ranks as the largest in history, at about $75 billion.

Musk was already the richest person in the world, according to lists from Bloomberg and Forbes. He’s also in line to receive a trillion-dollar pay package if he hits certain milestones at the automaker Tesla. But the SpaceX IPO pushes him into trillionaire status, depending on how you count his wealth.

We hear so much about the wealthy these days. Influencers in their mid-20s are becoming millionaires and it seems a founder isn’t impressive if they’re not a billionaire. Extreme amounts of money sound familiar and opaque at the same time. Do you know that the magnitude of difference between billion and million can be illustrated with this example of the time scale: A million seconds is 12 days. But a billion seconds is 31 years. Are you ready for a trillion seconds? You think you are but you’re not. It’s 31,688 years!

As it turns out, $1 trillion is such a large number and so far beyond the human imagination that we can’t wrap our minds around it. Not long ago, the word trillionaire only appeared in the Wall Street Journal as hyperbole. It was an obviously exaggerated way of describing an inconceivable fortune—like calling someone a bazillionaire. But this is where we are now.

 
FYI:

Is SpaceX really worth $1.77 Trillion? It’s a pie in the sky, some investors say.

Trump Halts Attacks on Iran

 

President says a deal is close and pulls back from threats to launch more strikes and seize Iran’s oil infrastructure

President Trump said he had cancelled a third straight night of planned attacks on Iran, saying talks with Tehran were close to producing a deal. The announcement marked a dramatic turnaround. Just hours earlier, Trump warned that Iran would be hit “very hard” and threatened to target Kharg Island and other oil facilities.

Trump said Iranian Supreme Leader Mojtaba Khamenei had signed off on the plan, which he said would be completed in coming days, paving the way for additional talks on Iran’s nuclear program. Tehran said it hadn’t decided. One major hurdle to advancing peace negotiations has been Iran’s demands that it immediately access tens of billions of dollars frozen by U.S. sanctions, which would offer relief to its deeply damaged economy.

Will it happen? We’ll see, but oil prices retreated and stocks rallied early Friday after the announcement. The price of Brent crude, the global benchmark for oil, fell more than 1%, to about $89 a barrel.

 
Dig Deeper:

What’s in the Iran deal Trump says he’s ready to sign.

Left Leaning

 

Researchers are at a loss for why people across cultures and ages naturally walk counterclockwise

Scientists have discovered a pattern in the way we walk but they can’t really explain it yet. People have a consistent tendency to turn left and walk in a counterclockwise direction—in crowds and when alone.

The finding, published Wednesday in Nature Communications, emerged from research that was originally about something else entirely. During the pandemic, Iñaki Echeverría Huarte, a professor who studies pedestrian dynamics at the University of Navarra in Spain, analyzed how many people could safely share a space while maintaining social distancing. On reviewing video footage of crowds, the team noticed an unmistakable pattern—people were overwhelmingly moving counterclockwise. Suspecting that cultural norms might play a role, the team joined forces with researchers at the University of Tokyo. He found the same results in Japan.

This baffling finding prompted them to undertake five additional experiments, each targeting a different hypothesis and involving more than 500 participants. The team now plans to investigate new hypotheses about the counterclockwise bias using biomechanics, virtual reality, neuroscience or even animal behavior.

 
Quoted:

“I’m not an ambi-turner,” laments Derek Zoolander in the eponymous satire about male models and his rare catwalk hangup. “I can’t turn left.”

Have you
heard about ...

 
 
 
 
 
 

🔒

Today’s Member Extras

Valet. Member

Exclusive

 

Tech, Gear & AI Debriefing

The Trends You Need to Know About Right Now

 

FAANG had a good run, but a new acronym is taking over. Plus, agentic finance is moving fast, and the rules haven't caught up.

 

A Weekend Pairing

‘The Listeners’ + a Last Word Cocktail

 

An unsettling mystery crosses the pond from the BBC with eerie vibes but is less upsetting with a strong cocktail.

 

Today on

 

Looking for budget-friendly yet quality goods? Our latest picks feature 20 items all under $20 that prove you don't have to spend a fortune to look good.

 
Tip of the Day:

Your nose goes blind to the same cologne after a while, which means you're missing out on actually smelling the scent you chose. Building a fragrance wardrobe lets you match your cologne to your mood, destination or the season.

Morning Motto

Don’t be afraid.

 

Keep Reading