5 Big News Stories Overnight - Saturday, May 16, 2026

New York: Jim Cramer fears SpaceX’s IPO could be ‘destructive’ for the rest of market

CNBC reports:

CNBC’s Jim Cramer said Friday he is growing increasingly concerned about signs of speculative excess in the IPO market.

The “Mad Money” host warned he didn’t want to “end up with another Cerebras,” arguing that the highly anticipated debut of Elon Musk’s SpaceX could fuel another wave of speculative buying.

SpaceX is expected to go public in June and could release its prospectus as soon as next week, CNBC reported Thursday. However, after the blockbuster debut of AI chipmaker Cerebras Systems on Thursday, Cramer said demand for shares of Elon Musk’s rocket company could be even more intense.

Cramer noted that various media reports suggest the offering could value SpaceX — home to Starlink satellite internet, social-media site X, and the Grok chatbot — between $1.75 trillion and $2 trillion. While he said he understands investor enthusiasm around Musk and the company’s businesses, he warned the stock could quickly become detached from fundamentals if underwriters release too few shares to the public.

PHOTO: Oren Elbaz, Unsplash

36 countries approve creation of special Ukraine tribunal to prosecute Russia

France 24 reports:

Thirty-four European states plus Australia, Costa Rica and the EU said Friday they would join a future special tribunal for Ukraine to prosecute Russia over its invasion of the country.

Ukrainian President Volodymyr Zelensky signed an accord with the Council of Europe last year to create a legal body to prosecute the "crime of aggression" in the invasion Russia launched in 2022.

The Council of Ministers – comprising foreign ministers from the organisation's 46 member states – met and approved a resolution laying the groundwork for the future tribunal, it said in a statement.
PHOTO: Kremlin News Service

Investigation in the Maldives

The Telegraph reports:
Investigators in the Maldives are trying to work out how five experienced divers died in the same spot at the same time.

The five Italian divers became trapped in a sea cave at a depth of about 50-60m off the island of Alimathaa in an atoll called Vaavu.

They had arrived at the dive site on board a boat called the Duke of York, which runs dive trips in the Maldives.

One body has been recovered, but the remaining four are still inside the underwater cave system. The incident has been described as the country’s worst diving accident.

The Italian foreign ministry said: “Rescue vessels of the Maldivian Coast Guard have reached the site of the incident in which five Italian divers lost their lives. On board are divers from the Coast Guard and the police, as well as an Italian expert diver who has already cooperated with the authorities.

PHOTOS: Social Media, From left to right: Gianluca Benedetti, Monica Montefalcone, Giorgia Sommacal, Muriel Oddenino and Federico Gualtieri died while diving in the Maldives

Harvey Weinstein Rape Case Ends in Mistrial as Jury Unable to Reach Verdict

Variety reports:

The jury in Harvey Weinstein‘s rape trial in New York has deadlocked, prompting the judge to declare a mistrial.

After three days of deliberations, the jurors were unable to reach a verdict on a charge of third-degree rape for which Weinstein had been tried twice previously.

Judge Curtis Farber gave prosecutors 30 days to decide whether to try the case for a fourth time.

PHOTO: Flickr, Nick Step CC: 2.0

Washington: Supreme Court Rejects Virginia Democrats’ Effort to Reinstate New Voting Map

New York Times reports:

The Supreme Court on Friday rejected an emergency request by Democratic officials in Virginia to use a newly approved congressional district map in the midterms that would give their party an edge.

Instead, the justices declined to overturn a recent decision by the Virginia Supreme Court striking down the map, a ruling that dealt a major blow to Democrats in the nationwide redistricting fight.

The one-sentence emergency order by the justices did not give a vote count or provide reasoning for the decision, which is typical in such rulings. No dissents were noted.

The Supreme Court’s ruling blocking the map wipes out four newly drawn Democratic-leaning House districts in Virginia, and was the latest in a string of election-related decisions that the justices have weighed in on in recent months.

PHOTO: USSC Fred Schilling