Welcome back to The Daily Courant, your afternoon guide to Puck’s best new reporting. Here’s what you need to know… and stick around for more on Elon Musk’s trillionaire status.

Meanwhile, on the pods…

And now, a little more on Elon’s trillionaire status…

WALL STREET

Elon Musk is worth some $688 billion at the moment—up $69 billion this year alone, which makes him nearly twice as wealthy as Google co-founder Larry Page, the world’s second-richest man. Sure, net worth guesstimates can be flawed, but the calculation will get a whole lot clearer when SpaceX goes public this summer—a historic liquidity event that will almost certainly transform America’s chief “broligarch” into the world’s first trillionaire.

In his latest dispatch, Bill inspected Musk’s portfolio to get a better sense of where his finances currently stand. Musk owns roughly 42 percent of SpaceX, a stake that would be worth around $735 billion if the I.P.O. goes off as planned. Layer in his 20 percent ownership of Tesla (worth around $260 billion), plus another $100 billion for his new compensation package, and Musk is already at $1.1 trillion on paper—even before factoring in Neuralink and The Boring Company. The kicker: If Wall Street’s I.P.O. hype delivers the kind of trading pop that highly coveted offerings tend to produce, his SpaceX stake alone could clear $1 trillion. So much for income inequality…

Click here to read Bill’s full story.

MEDIA

Byron Allen is betting $20 million that he can resuscitate the faded quiz-and-listicle destination with a… wait for it… pivot to video. Is this the most foolhardy investment since Rupert’s bet on Vice, or does Allen know something we don’t?

WASHINGTON

Congressman Adrian Smith, one of three Republicans representing all of Nebraska, offers his candid thoughts on Trump’s soybean diplomacy, the tariff backlash, his beef with Canada, the party’s “affordability” balancing act, and more.

FASHION

A decade after exiting her original namesake brand, Brown has achieved an extraordinary second round of success with Jones Road without private equity, Ulta, or Sephora. It must be keeping the Estée Lauder Companies executives up at night.

ART

This May’s sales are dominated by big collections—Newhouse, Mnuchin, et al.—but a handful of competitive discretionary sales will ultimately reveal more about the state of the market and the competition between the houses.

HOLLYWOOD

Live from Los Angeles, Matt is joined by writer and producer David E. Kelley (Margo’s Got Money Troubles, Big Little Lies, L.A. Law) to talk about the difference between producing television for a streamer vs. a traditional legacy studio, writing about OnlyFans in his new show, what makes a good TV executive, whether he has ever used A.I., and more.

FASHION

Malique Morris joins Peter to dig into Vinted, the $9 billion Lithuanian resale platform now spending more than $10 million to crack the U.S. market—and rattling eBay enough to trigger a $1.2 billion acquisition of Depop. Then they discuss how Vestiaire Collective’s new C.E.O. and higher seller fees are reshaping the luxury resale market.

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