Good morning. On Fortune’s radar today:

• Elon Musk is planning a $3.75 billion windfall for SpaceX insiders.
• Markets: Global selloff as traders cash out of tech stocks.
• Ray Dalio: Yes, AI is a bubble. Get used to it.
• Tomorrow’s jobs report could force the Fed to raise interest rates.
• Trump signals restraint in Iran war.
• We have a theory about the mysterious men sneaking in and out of New York’s sewers in the middle of the night.

This story was originally featured on Fortune.com