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SpaceX soars 23% in Wall Street debut, makes Elon Musk world’s first trillionaire

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SpaceX soars 23% in Wall Street debut, makes Elon Musk world’s first trillionaire

New York, Jun 12: Shares of SpaceX soared 23% in their Wall Street debut on Friday, making the rocket maker’s CEO Elon Musk the first-ever trillionaire.

The shares opened at USD 150 and kept rising, reaching USD 166.90 around 12:20 pm ET. That price gave the company a market value of USD 2.18 trillion. Forbes is now estimating Musk’s net worth at USD 1.1 trillion.

Institutional and retail investors jumped at the opportunity to buy 555.6 million shares of SpaceX at the offering price of USD 135 apiece. The USD 75 billion in proceeds easily topped the previous record IPO from oil giant Saudi Aramco in 2019.

Musk says SpaceX is going public now because it needs money to fund its ambitions of putting satellites and data centres in space and eventually establishing a colony of people on Mars.

Musk earlier marked the opening of trading on Nasdaq, where the company’s are trading under the symbol “SPCX,” by joining a ceremonial bell ringing from Starbase, the South Texas home of SpaceX.

He reiterated his lofty goals “to make life multi-planetary”.

“Not just a few astronauts, I mean literally you,” Musk said. “Whoever you are watching this, SpaceX wants to be able to take you to the moon, take you to Mars and ultimately beyond.”

Known for his technology breakthroughs, as well as wild claims and missed deadlines, Musk was widely expected to break the trillion dollar mark despite SpaceX generating losses as big as its ambitions.

In addition to establishing a one-million person Martian colony, the company has promised to save humanity by establishing other outposts in space, launch data centers the size of football fields into orbit and outdo rivals Anthropic and OpenAI in the race to make money from artificial intelligence.

To reach its goals, SpaceX needs billions more than it currently takes in from its rocket and satellite business. Between the start of 2025 and March 31, 2026, the company lost USD 8.7 billion.

Wall Street bankers that helped take SpaceX public are enthusiastic about the company — and the big fees they will earn — but not everyone thinks the stock price is justified.

Analysts at research firm Morningstar, which doesn’t earn any investment banking fees, wrote that the IPO is “significantly overvalued” because of SpaceX’s unproven technology and massive capital needs.

They estimate the company is only worth USD 780 billion — less than half its IPO value.

Still, Musk has pulled off the seemingly impossible before.

The trillionaire — on paper at least — made his fortune by creating two companies, Zip2 and PayPal, that netted him about USD200 million at sale. He used that money to start SpaceX and invest in Tesla, and defied the odds by creating a space company that figured out how to reuse rockets and a car company that made electric vehicles cool.

Musk has realised vast sums of wealth for himself, much of it in stock he has yet to cash in or grants for shares he’ll only receive if Tesla or SpaceX hit ambitious performance targets.

His recent pay package from Tesla drew criticism from the Vatican. At Tesla, he’s worried shareholders by fighting with regulators or dividing his attention between multiple companies and last year by taking a role in the Trump administration.

But a rising stock price has cured all ills: Since it went public in 2010, Tesla has returned 20,000% for shareholders, or more than USD 1.2 trillion in investor wealth. That has helped lift Musk’s pre-SpaceX IPO worth to USD 795 billion, according to Forbes magazine.

SpaceX is the first of three “megacap” companies expected to go public this year, with Anthropic and OpenAI to follow. Nasdaq even revised its rules to allow SpaceX to gain entry into funds tied to its indexes in 15 days, which means investors will end up buying the rocket maker’s shares much earlier.

Not all investors are thrilled about SpaceX potentially showing up in their holdings of index funds.

Officials from pension funds for firefighters, teachers and other workers in California and New York sent a letter to SpaceX last month decrying some of the provisions in its IPO, including the “super voting shares,” mandatory arbitration of shareholder claims instead of the possibility of lawsuits and how much power Musk will hold over the company.

Greater Kashmir

Live artillery shell recovered from field along IB in JK’s Samba, defused safely

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Live artillery shell recovered from field along IB in JK’s Samba, defused safely

Jammu, Jun 12:

Live artillery shell recovered from field along IB in JK’s Samba, defused safely

A live artillery shell found in an agricultural field along the International Border (IB) in Samba district of Jammu and Kashmir was defused safely by a bomb disposal squad on Friday, officials said.

According to the officials, a farmer spotted the shell while working in his field in Chalyari village and immediately alerted police.

Acting swiftly on the information, police and Border Security Force teams rushed to the spot, secured the area and took possession of the shell, they said.

A bomb disposal squad was subsequently called in to handle the unexploded shell. Following standard operating procedures and safety protocols, the squad shifted the shell to a secure location, where it was successfully defused without any incident, they added.

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SSP Baramulla orders inquiry into alleged police misconduct at PS Kunzer

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SSP Baramulla orders inquiry into alleged police misconduct at PS Kunzer

Srinagar, June 12: Senior Superintendent of Police (SSP) Baramulla has ordered a detailed inquiry into allegations of misconduct by police personnel during an incident involving an advocate at Police Station Kunzer, officials said on Friday.

Baramulla police in a statement said, the incident stems from legal and preventive proceedings initiated by a police party from Police Station Kunzer on June 10 in Dhobiwan village while executing a status quo order issued by the Judicial Magistrate First Class (JMIC), Tangmarg.

The statement said that an altercation was subsequently reported inside Police Station Kunzer involving an advocate and police personnel, following which allegations were raised regarding the conduct of the police officials during the incident.

“In view of the concerns expressed and to ensure complete transparency, fairness and objectivity, SSP Baramulla has directed a detailed inquiry into the entire sequence of events, which has been entrusted to a Gazetted Officer,” the statement said.

Police said the inquiry will examine all aspects of the incident, including the conduct of all persons involved, the circumstances leading to the registration of the case, and allegations of misconduct or use of force. Statements of all concerned persons will be recorded and all available evidence examined.

Baramulla Police reiterated its commitment to the rule of law and respect for all stakeholders, including members of the legal fraternity.

The statement said that if any lapse, misconduct or deviation from established procedures by any police personnel is established during the inquiry, appropriate action will be taken in accordance with law.

Police further clarified that the investigation into the registered case and the departmental inquiry will proceed independently on their respective merits.

The public has been urged not to be guided by speculation or unverified information and to allow the legal process to take its course.

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Udhampur airport to be operational in coming months, terminal tender floated: Jitendra Singh

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Udhampur airport to be operational in coming months, terminal tender floated: Jitendra Singh

Jammu, Jun 12: Union Minister Dr Jitendra Singh announced on Friday that the proposed civil airport at Udhampur is expected to become operational in the coming months, with a tender for the construction of the airport terminal being floated nearly three weeks ago.

Addressing a special public outreach campaign and public welfare camp at Udhampur, Singh said that after the completion of the required formalities, the work order for the terminal’s construction would be issued.

“The airport is initially planned to facilitate ATR aircraft operations, which will substantially improve regional air connectivity and provide a major boost to tourism, trade, investment and employment generation,” he said.

The minister further informed that discussions were underway with the Jammu and Kashmir government for the transfer of additional land to enable expansion of the project into a larger airport facility on the lines of the Jammu airport.

Highlighting the region’s development trajectory, Singh noted that Udhampur has emerged as a symbol of New India’s growth story under the leadership of Prime Minister Narendra Modi, with major improvements in connectivity, infrastructure, public welfare and economic opportunities over the past decade.

He noted that one of the most visible symbols of the infrastructure revolution in Jammu and Kashmir was the Dr Syama Prasad Mookerjee Tunnel on the Chenani-Nashri stretch, which has significantly reduced travel time and strengthened all-weather connectivity between Jammu and Kashmir.

Singh said the approval has also been granted for the construction of an additional twin-tube tunnel parallel to the existing structure to further improve traffic management, safety and highway capacity on the strategic corridor.

The minister mentioned the successful implementation of flagship welfare schemes, including the Pradhan Mantri Jan Dhan Yojana, Swachh Bharat Mission and Pradhan Mantri Ujjwala Yojana, saying they had improved financial inclusion, sanitation and quality of life for millions of people.

Referring to India’s growing strategic and economic strength, he said defence exports had witnessed unprecedented growth during the Modi government’s tenure, reflecting the country’s emergence as a trusted global defence manufacturing hub.

Singh also underlined the growing national recognition of Udhampur’s traditional dairy delicacy, Kaladi, which has been granted Geographical Indication (GI) status and has even found mention in Prime Minister Modi’s public addresses.

He said the government is facilitating scientific upscaling, value addition, development of new recipes and enhancement of Kaladi’s shelf life under the One District One Product initiative, enabling local producers to access wider domestic and international markets while preserving its traditional identity.

The minister also spoke about the establishment of the Biotech Industrial Park at Ghati in Kathua district, saying it has placed Jammu and Kashmir on India’s biotechnology map and opened new avenues for innovation, entrepreneurship and employment.

He also highlighted major connectivity projects, including the Delhi-Amritsar-Katra Expressway, the introduction of Vande Bharat train services to Jammu and Kashmir, the widening of the Dhar Road and development initiatives in the Mantalai area aimed at boosting tourism and economic activity.

Listing key achievements in the Udhampur parliamentary constituency, Singh referred to the completion of the Udhampur-Srinagar-Baramulla Rail Link, the world’s highest railway bridge over the Chenab, expansion of healthcare and educational infrastructure, promotion of the Lavender Mission, strengthening of digital connectivity and implementation of flagship welfare schemes.

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Cabinet Secretary reviews NEET re-examination preparedness with DG, National Testing Agency

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Cabinet Secretary reviews NEET re-examination preparedness with DG, National Testing Agency

New Delhi, June 12: Cabinet Secretary Dr. T. V. Somanathan today reviewed the preparedness for the NEET re-examination in a meeting with the Director General, National Testing Agency (NTA).

During the review, the Cabinet Secretary emphasized the need for ensuring a smooth, transparent and secure conduct of the re-examination through close coordination among all concerned stakeholders. The NEET re-examination is scheduled to be held on 21st June 2026.

The Cabinet Secretary stated that “The Central Government, State Governments and District administration are working together in close coordination, to ensure smooth conduct of the NEET re-examination. The full might and weight of the law will fall on any person trying in any manner to distort, disrupt or tamper with the integrity or smooth conduct of the re-examination.”

Somanathan reviewed the arrangements with the Secretaries of the Central Government and relevant agencies on 1st June 2026. Subsequently, on 4 June 2026, he also held a review meeting with the Chief Secretaries of the State Governments to assess the preparedness and progress of the arrangements.

These meetings are aimed at ensuring effective coordination, strengthening preparedness and maintaining the integrity and credibility of the NEET re-examination process.

Greater Kashmir

Police detain notorious drug peddler under PIT NDPS act in Ganderbal

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Police detain notorious drug peddler under PIT NDPS act in Ganderbal

Srinagar, June 12: In a major crackdown on drug trafficking, Jammu and Kashmir Police in Ganderbal has detained a notorious drug peddler under the Prevention of Illicit Traffic in Narcotic Drugs and Psychotropic Substances (PIT NDPS) Act, following formal detention orders from the competent authority.

The accused, Fayaz Ahmad Khanday, son of Abdul Khaliq Khanday, resident of Pati Shalbugh, Ganderbal was found to be a habitual/repeated offender involved in the illicit trade of narcotics, primarily targeting and exploiting the local youth. Upon issuance of the detention order, he was apprehended and shifted to District Jail Bhaderwah.

This decisive action marks yet another strong message from J&K Police against the drug mafia operating in the region. J&K Police is unwavering in its mission to eliminate the roots of drug abuse and protect the younger generation from falling into its trap.

J&K Police appeal to the public to remain alert and actively report any information related to drug peddling or suspicious activities. Every piece of information matters in building a safer, drug-free society. Strict legal action shall be taken against all those involved in this heinous trade.

Greater Kashmir

Mirwaiz Umar calls for collective introspection, social responsibility

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Mirwaiz Umar calls for collective introspection, social responsibility

Budgam, June 12: Addressing a large gathering at Jamia Masjid Ichgam, Budgam, Mirwaiz-e-Kashmir Dr. Moulvi Muhammad Umar Farooq said that the occasion called for deep reflection, introspection and self-accountability, both at the individual and collective level.

He said that as another Islamic year draws to a close, it is important for people to pause and reflect on the passage of time, the blessings and challenges experienced during the year, and their responsibilities towards Allah and society.

Highlighting the Islamic concept of Muhasabah (self-accountability), the Mirwaiz said that just as individuals are encouraged to evaluate their actions and conduct, societies too must reflect upon their condition and direction. He said communities should continually assess whether they are moving closer to the values of faith, compassion, justice, honesty and mutual respect, which form the foundation of a healthy and strong society.

Referring to the various challenges faced by society over the years, Mirwaiz said that many families have endured pain, uncertainty and hardship, while a large section of youth continue to grapple with concerns regarding their future. He stressed the need to strengthen the moral and social values that bind communities together and to work collectively for the welfare and progress of society.

Mirwaiz said that a strong society is not built merely through material advancement, but through strong families, educated and responsible youth, concern for the underprivileged and economically disadvantaged sections of society, and a shared commitment to justice, dignity and the common good.

The Mirwaiz also emphasised the important role and responsibility of religious scholars, khateebs and preachers in guiding society. He said that the pulpit is a sacred trust and should be used to promote faith, moral reform, wisdom, compassion and social harmony. He urged religious leaders to rise above differences and avoid rhetoric that fuels discord or division among Muslims.

Stressing the importance of Muslim unity, Mirwaiz said that at a time when the Ummah faces numerous challenges across the world, there is a greater need to focus on the common bonds that unite Muslims rather than the differences that divide them. He said that the message of Islam is one of brotherhood, mutual respect and collective responsibility, and that strengthening unity within the Ummah remains one of the foremost needs of the time.

Greater Kashmir

Sonam Wangchuk meets Uddhav Thackeray

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Sonam Wangchuk meets Uddhav Thackeray

Mumbai, Jun 12: Educationist Sonam Wangchuk on Friday met Shiv Sena (UBT) chief Uddhav Thackeray here.

Wangchuk, “the founder of an educational and cultural movement in Ladakh” met Thackeray at the latter’s residence ‘Matoshri’, the party said in a post on X.

Wangchuk attended the Cockroach Janta Party’s (CJP) protest in Pune the day before.

Sena (UBT) leader Aaditya Thackeray and MP Anil Desai were also present during Friday’s meeting, the party said.

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IGP Kashmir chairs security review meeting ahead of Amarnath Yatra, other major events

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IGP Kashmir chairs security review meeting ahead of Amarnath Yatra, other major events

Srinagar, June 12: Inspector General of Police (IGP) Kashmir Zone, V K Birdi chaired a security review meeting to assess preparedness and strengthen security arrangements for the forthcoming Shri Amarnath Ji Yatra (SANJY-2026), Muharram observances, and Mela Kheer Bhawani at PCR Kashmir.

The meeting was attended by the senior officers of J&K Police, CRPF, ITBP, Intelligence Agencies, BSF, SSB, Traffic, Railways, Telecommunication, and other agencies. Among those present were the IG BSF Ftr Hqrs Kashmir, IG CRPF KOS, IG CRPF Srinagar, IG ITBP, Addl Commissioner SB Srinagar, DIG IR Kashmir, all range DIsG of Kashmir Zone, DIsG of SSB Srinagar, Traffic Kashmir, Armed Kashmir, Railways J&K, ITBP, CRPF South Srinagar, SSP PCR Kashmir, all district SSsP/PDs of Kashmir Zone, SSsP of Railways Kashmir, Traffic Rural Kasmir, security Kashmir, APCR Kashmir, CID CIK, Telecom Kashmir, Asst Director SIB Srinagar, GSO1 (IS) HQ 15 Corps, SP Cargo Srinagar and other senior officers.

During the meeting, participating officers briefed the chair on the deployment strategies, route security, intelligence coordination, traffic regulation, communication preparedness, emergency response mechanisms and logistical arrangements put in place for the smooth and peaceful conduct of the upcoming events. Reviewing the arrangements, IGP Kashmir stressed the need for enhanced inter-agency coordination, uninterrupted communication channels and a unified operational approach to ensure a safe and secure environment during the forthcoming events.

Reviewing the security arrangements and preparedness for SANJY-2026, IGP Kashmir V K Birdi directed the officers to ensure strict adherence to established SOPs and to undertake preventive measures. He underscored the importance of maintaining high level of alertness and readiness, particularly at vulnerable locations and along designated pilgrimage routes. IGP Kashmir also reviewed contingency planning, disaster response preparedness, crowd management mechanisms and coordination protocols to ensure swift and effective handling of any unforeseen situation.

While reviewing arrangements for Muharram, IGP Kashmir emphasized the importance of ensuring the peaceful and smooth conduct of all religious processions and gatherings across the Valley. He directed officers to make comprehensive security and traffic arrangements along designated procession routes, establish effective crowd management mechanisms, and maintain close liaison with organizers and community representatives.

Reviewing preparations for Mela Kheer Bhawani, IGP Kashmir directed officers to put in place robust security and facilitation measures for devotees expected to participate in the annual religious event. He emphasized the need for thorough sanitization of the shrine premises, adequate deployment of security personnel, and proper traffic management plans. IGP Kashmir  further stressed that all necessary measures should be taken to provide a safe, secure, and hassle-free experience to the devotees visiting the shrine.

Concluding the meeting, IGP Kashmir expressed confidence in the collective preparedness of all participating agencies and reiterated the commitment of the security establishment to ensure peaceful, secure and successful conduct of Shri Amarnath Ji Yatra-2026, Muharram and Mela Kheer Bhawani.

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Online drug network busted in J-K’s Doda, 2000 intoxicant capsules seized: Police

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Online drug network busted in J-K’s Doda, 2000 intoxicant capsules seized: Police

Jammu, June 12: Police on Friday claimed to have busted an online drug supply network in Jammu and Kashmir’s Doda district and seized 2,000 pregabalin capsules meant for illegal distribution.

The operation was carried out as part of the ongoing crackdown against drug abuse and illegal trafficking of pharmaceutical intoxicants under the drug-free Jammu and Kashmir campaign.

Police said they received specific information regarding the illegal procurement and distribution of Pregabalin-IP 300 mg capsules through online platforms and courier services.

Acting on the input, police launched surveillance and intelligence-gathering operations to verify the information and identify those involved.

Based on the intelligence, they apprehended a suspect, identified as Sarmad Ali Khan, a resident of Khanpura Phagsoo and presently residing at Nai Basti Thathri, immediately after he collected a suspicious parcel from a courier centre.

During examination, the parcel was found to contain 2,000 pregabalin capsules packed in 200 strips of 10 capsules each, police said.

They added that the medicine, though prescribed for medical use, is often misused as an intoxicating substance. The consignment was seized on the spot, and a case was registered under the relevant provisions of law.

The accused was later produced before the Executive Magistrate First Class (EMIC), Thathri, who remanded him to six days’ judicial custody at District Jail Bhaderwah, they said.

Police said the operation exposed an illegal online drug supply channel and prevented the circulation of a substantial quantity of intoxicating pharmaceutical substances in the district.

Further investigation is underway to identify the source of supply, trace financial transactions and establish the involvement of other members of the network, they said.

Searches are being conducted to apprehend the remaining accused and to uncover the backward and forward linkages of the alleged drug syndicate, they said.

Greater Kashmir

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