We Uncovered a Hidden Wealth Transfer in the SpaceX IPO. You're Holding the Bag [video] (youtube.com)

like voting for donald trump in 2016; not understanding Elon is a grifter is old hat.

Transfer from people who need the money to live to Elon Musk who essentially has infinite money. Makes sense to allow this.

I didn't watch the whole video, but the quick summary is that because of passive investing (index funds in 401ks, etc...) lots of regular people will end up owning SpaceX stock even though they didn't explicitly buy it.

I think the hate about this idea is unwarranted.

My understanding: As rstuart4133 mentioned, the rules were changed to 1) allow a partial IPO, 2) forego proving several positive quarters beforehand, 3) allow weird as hell lockout rules such as pre-IPOers to exit after 1 day.

Maybe it's all innocent, or it's an intentional transfer of wealth.