Yeah but SpaceX has undergone some “changes” in the past few months that make it a dumpster fire, rather than Anthropic’s explosive growth. Also, I don’t think the CEOs of both companies operate in the same way.
From what I heard, nasdaq changed the rules so that Spacex can be added sooner to the index. Then pension will essentially buy SpaceX (via index), bringing the necessary liquidity for SpaceX exec to exit (very fast thanks to SpaceX rule change)
The US capital markets are closer to Putin's Russia than to free markets.
Historically, listing rules asked: "How much money did you make last year, and do you fit our standard corporate governance box?"
Today, NASDAQ's rules ask: "Do you have the massive market capitalisation, sufficient institutional public float, and transparent liquidity to ensure fair and orderly trading?"
Here are the obvious ones:
1. Free float - Every company that intended to list was required to have at least 20% free float.
2. Index weights were based on the free float.
3. Time before inclusion into the Indices (min 12 months) now 15 trading days
4. Lockup period - minimum 12 months up to 24 months - not 180 days.
I wish people would understand that if America had a functioning criminal justice system, no one would have heard Elon Musk nor Donald Trump.