When rocket company SpaceX filed with regulators to sell shares to the public for the first time, the AP markets team knew the IPO would resonate far beyond the stock market. Any event featuring Elon Musk typically involves big numbers, big promises, and some elements of surprise. So, in addition to preparing for the IPO itself, the team brainstormed explainers that would help audiences understand what was happening and why it mattered.
When reporter Stan Choe learned that SpaceX planned to allot more shares than usual to retail investors who buy shares through apps like Robinhood or their brokers, he wrote a story explaining what to expect from the sale process, as well as the pros and cons of investing. Reporter Damian Troise chipped in with a glossary of IPO terms and an evergreen video explaining the ins and outs of IPOs.
On the day of the IPO, reporter Bernard Condon deftly helmed spot coverage, while live video planner George Negas negotiated with Nasdaq to ensure we could bring customers a hard-to-get live feed of CEO Gwynne Shotwell ringing the opening bell. As the IPO made Musk the world’s first trillionaire, reporter Wyatte Grantham-Philips helped readers understand what a trillion dollars looks like and what it could buy, and graphic artist Eva Malek and video producer Marissa Duhaney did the same with a video explainer that was ready to move as soon as Musk crossed the threshold.
Stories in the lead-up to the IPO, along with the story explaining what a trillion dollars means, performed well with customers and digital audiences, as did the main story on the day of the IPO.
Judges were impressed by the breadth of the all-format coverage of SpaceX’s stock debut, the compelling explanatory graphics and videos — complete with animations — and the team’s ability to secure live footage.
For exceptional and thorough storytelling of SpaceX’s IPO and how it made Elon Musk into the world’s first trillionaire, Bernard Condon, Stan Choe, Wyatte Grantham-Philips, Damian Troise, George Negas, Eva Malek, and Marissa Duhaney win this week’s Best of AP — Second Winner.
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