☕️ Dates set for state election: Johor (July 11), Negeri Sembilan (Aug 1)

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

USD1.11 tril (RM4.46 tril) – That’s the net worth of the world’s richest man, who is also the world’s first trillionaire. Tesla and SpaceX founder Elon Musk cemented his status after SpaceX shares skyrocketed during its market debut, which was also marked as the biggest ever. SpaceX’s USD75 bil IPO sent the company’s value to USD2.2 tril following the listing exercise on the Nasdaq stock exchange. Its shares were reportedly offered at USD135 each, but trading opened at USD150 and hit a high of USD176.50. SpaceX President Gwynne Shotwell has also said that SpaceX and Tesla are working towards the same goals, and has not ruled out a merger in the future.
Fun fact: the IPO also revealed that SpaceX is holding almost 19,000 bitcoins, worth about USD1.45 bil.

More than 4,400 new millionaires – The SpaceX IPO also made millionaires of more than 4,400 current and former employees, around 400 of whom are reported to hold shares worth more than USD100 mil (RM405.76 mil). One example is welder Juan Hernandez, who has been working at SpaceX since 2015. His USD10,000 grant grew to USD880,000 at the IPO price, with the first-day high taking it to over USD1 mil. SpaceX paid its cooks, machinists, technicians, and cafeteria staff partly in equity instead of bigger salaries.

175% – Asian investors were largely locked out of the SpaceX IPO, but they still found a way to get around it by betting on companies linked to SpaceX, leading to surges of up to 175%. Taiwanese firm WNC Corp saw its shares surge that much, with Chin-Poon Industrial up 91% and Universal Microwave Technology up 147%. The three Taiwanese firms have said they supply parts used by SpaceX, helping them outperform even the TAIEX index, which is among the world’s best benchmarks this year with a 49% gain. In China, Sunway Communication, which supplies Starlink-related ground terminal components, is up 60% this year, while fellow Chinese firm Lens Technology has jumped 41%.

3. IN MALAYSIA 🇲🇾

Election, election, election

Johor and Negeri Sembilan state elections will not be held at the same time
The Election Commission (EC) chairman, Ramlan Harun, announced that the Johor and Negeri Sembilan state elections will be held on July 11 and August 1, respectively. Johor has over 2.7 mil eligible voters while Negeri Sembilan has close to 900,000 voters. An estimated RM86.8 mil is expected to be allocated for the Johor polls, while the estimated budget allocation for the Negeri Sembilan polls is RM80.6 mil. Voter turnout will be the key factor in deciding who will win. A lot of parties will contest the elections, but the fight will mainly be between the two components of the current Madani government - Pakatan Harapan (PH) and Barisan Nasional (BN). Universiti Malaya political analyst Mohammad Tawfik Yaakub said turnout in both elections was expected to increase compared with the last state polls but would likely remain below the 65% mark.

Hamzah announced the formation of Parti Wawasan Negara
Former Bersatu secretary general and Larut MP Hamzah Zainudin announced the formation of Parti Wawasan Negara, where he stated that the name was coined by PAS President Abdul Hadi Awang. Hamzah added that the party will hold its first general assembly this week and that it will contest the upcoming Johor and Negeri Sembilan state elections under the Perikatan Nasional (PN) logo. So, bye bye Bersatu and welcome Parti Wawasan Negara. However, Hamzah may find roadblocks in choosing the party name as a Sarawak-based party, Parti Sedar Rakyat (SEDAR) has urged the Registrar of Societies (ROS) to step up and address the potential overlap, as SEDAR has previously submitted an application in April 2026, to change the party name from SEDAR to Parti Wawasan Rakyat.

Musical Chairs

Tok Pa and Noh Omar return to UMNO
Political veterans, Mustapha Mohamed and Noh Omar set to return to UMNO, aiming to boost the party’s aspiration to regain traditional seats as supporting roles. Mustapa left UMNO in September 2018 after BN fell out of power in the May 2018 general election (GE14). He joined Bersatu a month later but quit the party in September 2023. Noh was sacked from UMNO in 2023 following a violation of party discipline during GE15. He later joined Bersatu but left the party in February.

Samsuri is no longer the Opposition Leader
After Hamzah Zainuddin’s Parti Wawasan Negara joined PN, the status quo was restored, and Hamzah was promoted again as the Opposition Leader, ending Ahmad Samsuri’s 28-day tenure. However, Ahmad Samsuri, who is also Terengganu Menteri Besar, will remain as PN chairman. No reason was given for the change of personnel for the Opposition Leader role.

Zaid Ibrahim joins PAS
In a surprise move, former law minister and UMNO member Zaid Ibrahim has applied for membership in PAS. PAS secretary-general Takiyuddin Hassan announced that Zaid's eventual membership will further solidify PAS at the national level. Zaid’s political journey has taken him from UMNO, from which he was expelled in 2008, to PKR, Parti Kita, DAP and back to UMNO in 2022.

Lee Chean Chung leaves PKR’s top post
After being blocked from accessing parliamentary funds, Petaling Jaya MP Lee Chean Chung has resigned from PKR’s Central Leadership Council due to his dissatisfaction with the party leadership and its handling of issues affecting elected representatives. Despite stepping down from the party leadership, Lee said he would continue serving as an ordinary party member and focus on his parliamentary responsibilities. He also appeared during Rafizi Ramli’s Parti Bersama launch.

Shorts

1. The remaining Highland Towers to be demolished

   The magistrate's court has approved the application by the Ampang Jaya Municipal Council (MPAJ) to demolish the abandoned Highland Towers Condominium. The Highland Towers initially consisted of three residential towers, before Tower 1 toppled over in December 1993, killing 48 people. It was later found that soil erosion caused by heavy rains had led to the collapse. The demolition of the remaining two towers will be carried out within this year.

2. M Nasir saman MyTeksi

   M Nasir and his company, Luncai Emas Sdn Bhd, are suing MyTeksi Sdn Bhd for using his name and brand ‘M Nasir’ through its social media accounts - @grabmy and @grabfoodmy. The plaintiffs are seeking general damages, exemplary damages of RM3 mil, aggravated damages of RM2 mil, interest and costs.

2. Genting Properties unveils its RM80 bil Johor Tech Smart City

   Genting Property Sdn Bhd launched its Johor Tech Smart City, a 2,300-acre integrated development within the Johor-Singapore Special Economic Zone (JS-SEZ) in Kulai, Johor. The project has an estimated gross development value of RM80 bil. The new development will consist of a 500-acre AgTech Campus and a 1,700-acre Knowledge AI Campus. The development will also include a dedicated 100-acre solar farm to support its energy needs.

4. AROUND THE WORLD 🌎

Trump says yes, Iran says no. Again.
Trump has posted on Truth Social on Saturday that a new agreement with Iran will be signed on Sunday, and that the Strait of Hormuz will be immediately reopened after. However, Iran said not really, with its foreign ministry spokesperson saying on the same day, “to wait and see about the exact date of the signing of the memorandum of understanding, although it will not be tomorrow (Sunday)”.

Meanwhile, the apparent deal has prompted Israel’s dismay, where the Israel PM Netanyahu has clashed with Trump over US demands that Israel curb military action in Lebanon to allow Washington to reach a deal with Tehran. The Israeli military said Hezbollah had launched three projectiles towards northern Israel in what it described as a “blatant ceasefire violation”, and then proceeded to attack targets in Beirut’s southern suburbs, killing at least three people.

Thai Princess Bajrakitiyabha passes away
Thailand is in mourning for the passing of its beloved Princess Bajrakitiyabha Narendira Debyavati, the 47-year-old daughter of the current King Maha Vajiralongkorn. Princess Bajrakitiyabha has been in a coma since 2022, after collapsing while exercising her dogs. Her illness is believed to be due to a mycoplasma infection in her heart. The late princess played the most active public role of his children and had been given the rank of army general by her father, who is said to have trusted her quite significantly.

She was believed to potentially become the country’s first queen regnant and successor of her father, boosted by her senior royal status and extensive official duties, including a position as a diplomat in Austria and several roles within the United Nations. Princess Bajrakitiyabha was also a fitness enthusiast who often took part in long-distance runs. Now that she has passed, questions have been raised about the next royal succession, as King Vajiralongkorn has not really named anyone so far.  Discussion about the royal family is a highly sensitive issue in Thailand, where a strict lese-majeste law prohibits insults and criticism against the monarchy with a penalty of up to 15 years in prison.

A tool, good or bad, depends on how you use it

US orders Anthropic to block latest AI models for all foreign nationals
The US government has given official orders to Anthropic to block foreign access to its newly released cutting-edge software, Fable AI models Fable 5 and Mythos 5, citing national security concerns. The ban also affects foreigners currently in the US – including those working at Anthropic. The artificial intelligence behind Anthropic’s Mythos AI model is particularly adept at detecting software vulnerabilities, some of which have remained undiscovered for decades. Such capabilities have apparently raised concerns that AI could become a dangerous cyberweapon in the wrong hands. The Fable 5 model, released just this week, is based on Mythos technology, but its cybersecurity and biotechnology capabilities are blocked. Mythos 5 is the non-public full version, which should continue to be used only by the US government agencies and selected corporate partners to harden their systems.

UK police officer accused of creating AI evidence
The Derbyshire Police in the UK have launched a criminal investigation into an officer accused of using artificial intelligence (AI) systems to "create evidential material in a number of cases". No arrests have been made so far, but the accused Derbyshire Police officer has been removed from frontline duties, pending the outcome of the investigation.

The news came in the same week that a new national centre for AI in policing, called PoliceAI, was established in the UK. Who guards the guards now?

Extreme “sports”

Bungee jump gone wrong
A 21-year-old woman fell 40 metres to her death during a rope-jump or bungee jumping activity in São Paulo, Brazil, after operators failed to attach a safety line before releasing her. In a video that went viral, several people appeared to be carrying the victim to the jumping point, and seconds after release, shouts of alarm could be heard as people warned that the safety rope was missing. Authorities said 2 suspects tried to flee the scene after the accident, but were later found. A total of 6 people have been detained for questioning. Watch the incident here. Viewer discretion advised.

Yemeni 'Spider-Man' fell and died in volcanic crater
Al Qa'qa' bin Antar, 30, aka “Spider-Man of Yemen”, has fallen and died while scaling the steep walls of the Haradhat Damt volcanic crater in Al Dhale province in Yemen, without any safety ropes. The crater is estimated to be around 120 metres deep. The daredevil is known for documenting his daring ascents of cliffs, mountains and volcanic formations across Yemen, often climbing without ropes, harnesses or other protective equipment.

Bin Antar had built a large online following through his videos, becoming one of Yemen’s most recognisable adventure content creators. Civil Defence teams recovered his body on Saturday following a complex rescue operation that lasted nearly 24 hours. Watch the fall here. Warning - content might be distressing.

5. FOR YOUR EYES 📺

Banger content by top Malaysian financial influencers. BUT, if you see them promoting some investment schemes on social media, those are scammers impersonating them. We had an experience, in that one week, 3 people (2 from accomplished professions) came forward to inform us that they fell for investment scams impersonating of them below. Total damage - RM1.6 mil+!

1. When you buy a home, don’t forget to replace the R with L in MRTA. Brought to you by Mr Money.

2. Malls left, malls right, malls everywhere. The rationale is in the indirect economics. Brought to you by Ziet Invests.

3. Astro’s astronomically depressed prospects. Brought to you by Financial Faiz.