Good morning. On Fortune’s radar today:

• Elon Musk’s dream merger is a dilutive nightmare for SpaceX shareholders.
• ING thinks Britain’s Andy Burnham has a secret plan to hold a snap election.
• Markets: Worldwide selloff as further conflict looms with Iran.
• Chart: Iran’s attacks in the Strait of Hormuz are as bad as ever.
• U.S. childcare is so expensive that fewer Americans are using it.
• OnlyFans wants to offer financial services and maybe stage an IPO.

This story was originally featured on Fortune.com