SUCCESS

College closures are no longer isolated failures but signs of a deeper enrollment and financial crisis. As student numbers decline, rising costs, debt, and unsustainable operating models are putting more institutions at risk. The bigger challenge may be ahead: colleges must do more to attract, engage, and retain every prospective student.

Thinking about quitting your job for entrepreneurship? These three tests reveal if you’re actually prepared.

SpaceX went public in June 2026 in the largest initial public offering in history, raising about $75 billion at a valuation approaching $1.8 trillion, according to a filing with the Securities and Exchange Commission. 

Add Tesla’s roughly $1.5 trillion market capitalization, and Elon Musk now sits at the center of more than $3 trillion in combined market value, 24/7 Wall St reported.

The mechanics of how SpaceX landed inside those retirement accounts traced back to a Nasdaq rule change earlier this year.

What sits inside those shares now deserves closer attention. The disclosure, buried in the company’s prospectus, has drawn scrutiny from governance experts and pension fund leaders who spoke to CNN.

SpaceX told regulators it may not be able to replace Musk

SpaceX’s IPO prospectus described Musk as essential to the company’s growth, innovation, and operational strategy.

The filing stated that finding a suitable successor with his abilities could be prolonged and uncertain, with no assurance of success, CNN reported.

Musk holds roughly 82% to 84% of SpaceX’s voting power through a super-voting share structure, which effectively prevents the board from removing him without his own consent, Motley Fool reported. 

That concentration of control has drawn scrutiny from Nicolas Owens, an equity analyst for Morningstar, whose initiation note flagged Musk’s dual-class voting control and the related-party nature of the February 2026 xAI merger as governance concerns.

Tim Quigley, a professor of Strategic Leadership & Governance at the International Institute for Management Development, told CNN that investors are likely underestimating SpaceX’s key-person exposure.

I think the market is probably underpricing the risk.

Ross Gerber, CEO of Gerber Kawasaki Wealth & Investment Management, described the exposure in blunter terms, stating that a large portion of SpaceX’s value is tied directly to Musk. 

Gerber told The Information that SpaceX has no succession plan and no future if Musk dies. 

The forced-buying pipeline is already open

SpaceX joined the Nasdaq-100 on July 7, 2026, just 15 trading days after its public debut, in the fastest major index inclusion on record, CNBC reported.

Once a stock enters a major index, every fund tracking that benchmark must purchase shares at the prevailing price, regardless of valuation or fundamentals. 

That mechanical buying pushed millions of retirement savers into a SpaceX position at roughly $160, well above the level the stock has traded at since July 2026, according to 24/7 Wall St.

More SpaceX:

Morgan Stanley says SpaceX investors miss the bigger story

Peter Schiff says SpaceX is a warning for hyped stocks

SpaceX stock defies latest Wall Street forecasts

Buying flowed into the largest Nasdaq-100 trackers, including Invesco’s QQQ and the Invesco Nasdaq-100 ETF (QQQM). It also reached the Fidelity Nasdaq Composite Index Fund (FNCMX) and target-date or index sleeves within employer 401(k) plans that track the benchmark.

The S&P 500, in contrast, has not added SpaceX because the company does not meet the index’s profitability and public float requirements. 

A 401(k) holding only S&P 500 index funds carries no direct SpaceX exposure, which makes the gap between benchmarks meaningful for retirement savers.

SpaceX’s rapid Nasdaq-100 inclusion pushed retirement funds and millions of 401(k) savers into exposure at elevated prices.Jacob Wackerhausen / Getty Images

Morningstar’s numbers underscore SpaceX’s valuation gap

Owens assigns SpaceX a fair value estimate of $62, less than half its current trading price near $140. 

That gap produces a price-to-fair-value ratio of roughly 2.3, making SpaceX one of the most expensive stocks in Morningstar’s coverage universe.

SpaceX posted $18.7 billion in revenue in 2025, alongside a net loss of $4.9 billion, with losses widening in the first quarter of 2026. 

The firm has noted that SpaceX’s lofty valuation implies investors will need to wait decades for earnings to grow into the company’s multiples.

What Apple’s Jobs transition reveals about SpaceX’s blind spot

The closest historical comparison to SpaceX’s key-person exposure is Apple under Steve Jobs, who co-founded the company and led it until his death in 2011. 

A fabricated 2008 post on CNN’s iReport, a user-submitted citizen-journalism platform, claiming Steve Jobs had suffered a major heart attack, sent Apple shares down roughly 10% in minutes, exposing the fragility of founder-dependent valuations, CNNMoney reported.

Tesla has shown similar sensitivity to news about Musk’s availability, focus, and commitment to the company’s core operations and long-term strategy. 

Tesla shares lost roughly half their value between January and April 2025, when Musk shifted his attention to leading the Department of Government Efficiency, according to CNN.

He did not leave the company. He did not fall ill. He simply redirected his focus, and the market repriced Tesla accordingly.

Jobs, however, took steps SpaceX has not, building an internal executive training initiative known as Apple University years before his resignation, which came six weeks before his death. 

By the time Tim Cook formally took over in August 2011, Wall Street viewed him as a credible successor, and Apple stock recovered quickly.

Craig Crossland, John V. Roach Dean of Neeley School of Business at Texas Christian University, told CNN the central question is whether Musk’s vision has been institutionalized. 

When asked if that transfer of leadership capability had occurred, Crossland said, “I don’t think we’ve had the opportunity to see that.”

What SpaceX’s succession gap means for your retirement savings

The weak spot is not hidden. It is named in the SpaceX prospectus, visible in the January-to-April 2025 Tesla chart, and locked in place by supermajority voting control that outside shareholders cannot dilute.

The key-person risk disclosed in SpaceX’s prospectus, as CNN reported, reaches anyone holding Nasdaq-100 exposure in a retirement account. 

Dan Ives, partner and senior managing director at Yorkville Ives & Co., told CNN that investors treat the key-person risk as a background factor rather than an active threat. 

But it remains embedded in every share, and SpaceX will eventually have to address succession publicly.

Morningstar’s fair value estimate leaves passive investors carrying a valuation premium that the company’s own admissions do not underwrite.

That exposure is present even when SpaceX does not appear in a fund’s top-line name, and fund-level holdings reports are the only place it surfaces at the plan-participant level.

Related: Elon Musk drops stunning SpaceX forecast

The Toronto Blue Jays’ veteran outfielder offered a Brett Bateman response after his arrival was met with skepticism.

Looking for help with today’s New York Times Wordle? Here are some expert hints, clues and commentary to help you solve today’s Wordle and sharpen your guessing game.

As part of the carrier’s efforts to reach more high-fare travelers with its new Flagship Suite business class, American Airlines is retrofitting 67 Boeing 777 planes to feature more lie-flat and other premium seating.

Twenty of the Boeing 777-300ER widebody jetliners in the carrier’s fleet are in the process of being equipped with the new Flagship Suites, while 47 of American’s older Boeing 777-200ER are also being retrofitted to include more of the regular lie-flat business class and premium economy seats.

With the retrofitting of all 20 Boeing 777-300ER planes expected to be finished by mid-2027, American Airlines debuted its first glowed-up plane with 114 premium seats on a Sept. 2 flight between its hub at Dallas-Fort Worth (DFW) and JFK.

American Airlines debuts 1st retrofitted Boeing 777 with 70 Flagship Suite business seats

The Flagship Suites, which the airline debuted in June 2025, are placed within the aircraft in a one-two-one configuration and feature a sliding door and lie-flat bed with a width of 22 inches. The Boeing 777-300ER that returned to service after a monthslong renovation has, out of the 330 total seats, 70 in Flagship and 44 in Premium Economy.

Out of the plane’s 216 Main Cabin economy seats, 30 have been equipped with extra legroom. The Premium Economy seats are placed in a two-four-two configuration and feature privacy headrest wings and adjustable calf and footrests while each Main Cabin seat comes with a personal seatback entertainment seat and personal power outlet and USB ports.

Related: What does it mean to fly business on a vacation airline

Prior to the retrofit, the Boeing 777-300ER used by American was configured to have eight Flagship First, 52 Flagship Business, 28 Premium Economy, 28 Main Cabin Extra, and 188 Main Cabin seats.

After the celebratory charter flight to mark the plane’s return into service, the first commercial flight on the retrofitted Boeing 777-300ER flew from New York (JFK) to Buenos Aires (EZE) later on the same day on Sept. 2.

As more retrofitted seats reenter service, the airline’s older Flagship First most premium travel offering will officially be retired at the end of November.

The 330-seat plane also features 44 Premium Economy seats.American Airlines

What are the new American Airlines Flagship Suites seats like?

The biggest difference between Flagship Suites and Flagship First comes down to offering travelers more privacy from both their neighbor and the aisle through the slide door as well as.

This is in addition to tech upgrades, including larger 4K 17-inch touchscreens and Bluetooth connectivity, a configuration and angling that gives travelers more space to spread out away from the aisle.

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The new fare class could previously be experienced only on select Boeing 787-9 Dreamliners and Airbus A321XLRs planes that the airline ordered new from the maker.

This Boeing 777-300ER will be used by American on long-haul routes to cities such as Buenos Aires, London, Tokyo, São Paulo and Sydney. On some of the longer flights, a passenger in Flagship Suites would pay as much as $10,000 for a return flight so the plane is allocated to routes calculated to be most likely to bring in the largest number of high-spending travelers looking to fly in style.

Related: What to do if you’re in Frankfurt for a short or long layover

Molson Coors Beverage, Builders FirstSource and Trade Desk will be getting the boot from the benchmark index.

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Why we love this deal

Trying to get a kitchen organized can feel impossible without enough storage. With little counter space or cabinets, it can get cluttered quickly. And it’s even harder to get your kitchen in order when you have a lot of snacks and pantry essentials. Freestanding pantry cabinets can help, as they provide additional storage for almost all of your kitchen needs.

The Asofer Pantry Storage Cabinet at Walmart is on sale for just $74 ahead of Labor Day, and it’s quite the steal. With four cabinets and a lot of shelving, it provides just the right amount of storage without taking up too much space, making it a great fit for small kitchens.

Asofer Pantry Storage Cabinet, $74 (was $160) at Walmart

Courtesy of Walmart

Shop at Walmart

Why do shoppers love it?

Some compact cabinets have limited storage, but at just 24 inches long, this Walmart find has a lot to offer. The top two doors have three compartments to store everything from food containers to baking necessities. But behind the two doors, there are additional open-shelf racks for items like cans, beverages, and more. The two bottom doors open up to reveal a compartment that you can use to house more pantry essentials or small kitchen appliances. It’s a great area to store a microwave if you have limited countertop space or want to hide it away for a more minimalist kitchen look.

In a crisp white color, you get the most timeless farmhouse design. The vertical slats on the door panel give it just the right amount of visual interest without taking away from its ability to blend into any space. Not only is the white colorway neutral, but it’s also the most affordable, with a sale price of $74. There are black and dark brown options available, too, but the prices vary.

Related: Walmart is selling a 3-drawer mini dresser for only $50

Details to know

Storage: Four compartments and shelving on doors.

Colors: White, dark brown, and black.

Material: Wood composite and medium-density fiberboard.

According to Walmart shoppers, this pantry storage cabinet “fits beautifully” in a kitchen, even if it’s a small space. One reviewer said it offers “lots of storage space,” adding that it’s just what they needed, since they have few cupboards in their home. “It is well made, the materials are nice and sturdy, [and it’s] not wobbly at all. Very easy to assemble, [and the] instructions are easy to follow,” they added.

In addition to being used as a kitchen pantry, some shoppers made the most of the extra storage space and used it for art supplies. It can also be used in a dining room to store extra dinnerware or in a bathroom for cleaning supplies, toiletries, and more.

Shop more deals

Lofka Pantry Cabinet, $86 (was $110) at Walmart

Noelse Food Pantry Cabinet with Drawers, $50 (was $100) at Walmart

Behost Kitchen Pantry Cabinet, $99 (was $190) at Walmart

The Asofer Pantry Storage Cabinet is on sale for only $74, which is a great deal for the storage you’re getting.

Kelly Clarkson walked away from her hit show after seven seasons. Here’s why leaving on top can be your best career growth move.

Every few years, someone promises Americans a fix for the number on the corner gas station sign.

Right now, that number reads $4.12 for a gallon of regular, according to AAA. In January, it read $2.81. That gap is one of the more expensive things to happen to American households this year, and almost none of it traces back to anything a household did.

It traces to a war. U.S. strikes on Iranian targets near the Strait of Hormuz have pushed Brent crude to roughly $95 a barrel and West Texas Intermediate to about $91, according to Trading Economics.

Crude is close to half of what you pay at the pump, so every dollar of that shows up in your tank within a couple of weeks. It’s why a fix involving the largest proven oil reserves on the planet gets everyone’s attention.

One arrived this week. I read the actual terms rather than the announcement, and my analysis says the relief most people are picturing is somewhere between one and 10 years away.

Venezuela’s National Assembly voted Sept. 1 to hand Washington preferential access to 17 oil fields holding about 65 billion barrels, roughly a fifth of the country’s reserves. Energy Secretary Chris Wright landed in Caracas that night. The deal was signed Wednesday, Sept. 2.

Then Chevron (CVX) put more than $7 billion behind it.

Why Venezuela’s oil reserves went dark for two decades

Venezuela sits on more than 303 billion barrels of proven crude, the largest stockpile on earth, according to OPEC. It is also, by any honest reading of the last 20 years, the worst-run oil patch on earth.

Production peaked above 3 million barrels a day in the late 1990s. Hugo Chávez completed nationalization of the industry in 2007, pushing ExxonMobil and ConocoPhillips out of the country. Both are still pursuing compensation nearly two decades later.

What followed was underinvestment, collapsing pipeline and power infrastructure, and sanctions. Output fell to roughly 1.1 million barrels a day by mid-2026, according to Reuters. Chevron stayed the whole time. It has operated in Venezuela since 1923.

That history matters because it sets the realistic clock on any recovery. Barrels in the ground are not barrels in a tanker.

Venezuela approved Washington access to 17 oil fields, while Chevron pledged more than $7 billion in investment.Bloomberg / Getty Images

What Washington actually got in the Venezuela oil deal

The structure is the part almost nobody is talking about, and it is genuinely without precedent in modern American energy policy.

The 17 fields carry 100-year rights held by North American Blue Energy Partners, Venezuela’s second-largest private oil company. A new entity is being created around them.

The U.S. Department of Defense’s Office of Strategic Capital takes a 35% equity stake in it, and the State Department is entitled to buy 20% of output at production cost, according to Euronews.

Related: Is Trump’s big, splashy Venezuela oil deal real?

U.S. citizens must form a majority of the board. Washington holds a veto over who sits on it.

Secretary of State Marco Rubio described the arrangement as an agreement with the U.S. government itself, specifically the Defense Department, “which holds a special account allowing it to take possession” of a share of the assets, according to Euronews.

Read that again. The Pentagon is now an equity holder in an oil company.

Here is the deal by the numbers:

65 billion barrels across 17 fields, on 100-year rights, Euronews noted

35% U.S. government equity stake in the new venture, according to Euronews

$7 billion Chevron investment through 2031, Reuters noted

600,000 barrels a day Chevron target, up from about 280,000, Reuters reported

303 billion barrels in total Venezuelan proven reserves, OPEC confirmed

The administration’s case is that U.S. control ends the corruption that hollowed out PDVSA, counters Russian and Chinese positions in the hemisphere, and lowers prices for American drivers. “Today is a transformative day,” Wright said in Caracas, according to NBC News.

The objections are on the record, too. Opposition lawmakers in Caracas abstained from the vote, saying they had not been shown the written terms.

NABEP is owned by Alejandro Betancourt, who has faced money-laundering investigations in Spain and Switzerland without charges being filed and has been accused of involvement in a PDVSA corruption scheme. A U.S. official called him a “proven operator,” the New York Post reported, although the official conceded that geopolitics sometimes means dealing with imperfect figures.

Why cheaper gas is not the near-term payoff here

Chevron’s commitment is the most concrete thing in this story. The company will invest more than $7 billion through 2031 to lift its Venezuelan output to roughly 600,000 barrels a day from about 280,000 now, with new acreage in the Orinoco Belt.

The number that actually matters is buried in the company’s own guidance. Total production costs are expected to run under $20 a barrel.

Chevron CEO Mike Wirth said the existing roads, water, and power make the economics unlike a greenfield project, noting that “our ability to grow at low cost is quite different,” according to Reuters.

More Energy:

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Is Trump’s big, splashy Venezuela oil deal real?

Chevron stock turns heads as company strikes fresh oil

Sub-$20 barrels in a $90 world is a margin story, not a pump story.

Because on the pump side, the timing does not work. Analysts put the wait for meaningful new barrels at anywhere from one to 10 years. Washington is putting no money into the venture, arguing its backing alone will draw private capital. Wright projects Venezuelan output of 2 million barrels a day by the end of the decade.

The end of the decade is four years out. Your next fill-up might be tomorrow.

Exxon is not buying it, either. A spokesman recently said that nothing has changed at the company, according to the Associated Press, and Exxon’s CEO called Venezuela “uninvestable” earlier this year, as Politico reported.

President Donald Trump has said Exxon is going into Venezuela, Reuters noted. Exxon says otherwise.

What the Venezuela oil deal means for your money

If you own energy exposure, this is a cost-curve event, and you should treat it as one. A supermajor adding 320,000 barrels a day at less than $20 of cost while crude trades near $90 shows up in free cash flow long before it shows up at a gas station. That is the trade, and it is a slow one.

If you do not own energy exposure, the honest read is that nothing about your November heating bill or your commute changed on Sept. 2. What moves your pump price between now and the midterms is Hormuz, not Caracas.

The part worth filing away is the precedent. The U.S. government did not buy oil. It bought equity, board control, and a call on output at cost. If that structure works, it will not stay in Venezuela.

Watch the barrel count, not the announcements. Venezuela has produced ambitious oil plans for 20 years. What it has not produced is oil.

Related: $90 oil makes a sudden, unwelcome comeback