Elon Musk devised the world's biggest Ponzi scheme -- and forced Americans to buy in

Elon Musk devised the world's biggest Ponzi scheme -- and forced Americans to buy in. SpaceX shares began trading on the Nasdaq-100 index on June 12, and on the first day they fell 6.8% to $149.47, above the $135 IPO price but below $150, after having peaked above $200. The article attributes much of the initial buying to Nasdaq’s May 1 “fast entry” rule, which automatically included companies among the top 40 most highly valued in the U.S., bringing SpaceX aboard without individual investor action. It argues that retirement funds and other index-linked holdings tied to the Nasdaq-100 became exposed to SpaceX’s valuation. The piece also cites investor concerns after a June 22 report suggested SpaceX was not “flying all that high,” including a roughly $20 billion bond refinancing to cover debts linked to X’s acquisition, with bond spreads rising sharply.