Cable News Clips

Musk and his fellow oligarchs will be selling out early while the price is peaked and the American People will be left holding the bag.

Elon Musk’s rocket company SpaceX is set to go public this week targeting a $1.8 trillion valuation, potentially making it the largest initial public offering in history. It is also projected to make Elon Musk, already the world’s richest man, the world’s first trillionaire.

The nonprofit newsroom More Perfect Union has released a new report from business reporter Eric Gardner called “We Uncovered a Hidden Wealth Transfer in the SpaceX IPO. You’re Holding the Bag.” It details how Musk convinced Nasdaq to forgo the usual waiting period to include SpaceX in its index fund, potentially exposing retirement savers to what many professional investors believe will be an overinflated stock price. While Musk and early investors are positioned to see their wealth skyrocket, the SpaceX IPO could hurt these regular investors, says Gardner. “He has essentially financially engineered the IPO as a massive wealth transfer from everyday investors to insiders,” Gardner says of Musk.

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Thanks for the thread Rhiannon