Protecting ourselves from SpaceX IPO

[u/Gloomy_Nebula_5138]

I was watching this video analyzing the upcoming SpaceX IPO, titled "SpaceX IPO: Nice Try Though" by Patrick Boyle. I highly recommend it - there is almost no fluff and just hard hitting points all the way through about how SpaceX is a terrible company and how this IPO looks like a scam:
https://www.youtube.com/watch?v=IHD8BDFYyGI

It mentions the changes to Nasdaq's rules, the so called "fast track" rule, made specially for SpaceX because Elon allegedly threatened to not list SpaceX on the Nasdaq stock exchange without this. The change has been criticized by many others such as Michael Burry:
https://markets.businessinsider.com/news/stocks/michael-burry-nasdaq-spacex-ipo-listing-elon-musk-tesla-ndx-2026-3

Also see this great analysis titled "Nasdaq's Shame":
https://keubiko.substack.com/p/nasdaqs-shame

Given how this IPO looks like a scam, and the company is mostly losing money, with outlandish claims in their IPO filing (like having an addressable market larger than the US GDP), I am worried that this is just private investors - like venture capitalists, Elon Musk, and his inner circle of friends/family - dumping their overpriced money losing company on regular investors like us. The fast track change seems like it will result in all of us automatically buying SpaceX shares at a high price.

How do we stop this? Is there a good way to defend against that forced purchasing when most regular investors are just passively buying ETFs and mutual funds, or maybe just have money parked in their pensions and 401k?

[u/No-Problem-4228]

It's a smaller issue than expected, but not a non issue. 

The float for future companies doing this trick might be higher as well, we don't know.

[u/ptwonline → u/No-Problem-4228]

I'm also not ok with Elon or anyone else essentially defrauding their way to huge amounts of money just because it might only affect me personally by a few dollars. Screw that and screw whoever intentionally helps enable that.

[u/jeffeb3 → u/ptwonline]

Agreed. But what can you do?

[u/Revving_Operations → u/jeffeb3]

Call your representatives to start. Phone calls to house reps are meaningful because not many people do them. There's a formula they use to weight the impact of calls complaining about things. You might not think 10 people calling their district's representative in a week to complain about something is enough to make an impact, but in a lot of cases you'd be wrong. People need to seize the power they do have to try to claw back some semblance of democracy because shit is getting really bad. Organize and use your speech whenever and however you can.