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It also complains that the indexes changed their rules to make SpaceX eligible to join sooner than would otherwise be the case.

Critics who allege that SpaceX is overpriced complain that this effectively allows insiders to dump it on price-insensitive index investors. The indexes' defense is that their job is to give index investors exposure to a representative slice of the real economy, which includes big high-profile stocks like SpaceX whether anyone likes it or not; they're not in the business of guessing whether those stocks are overpriced.