Right and my point is that whether or not it’s a bad investment makes absolutely no difference to the people who own the shares because the price is divorced from that. SpaceX shares only have to stay irrational for six months for this rule change to have had no effect.
Ok that seems like a reasonable argument, but it’s got a glaring hole.
The reason for these rules is lockup periods. There’s presumably many people really want to sell significant SpaceX stock at the current price who can’t yet. Effectively August 2026 is going to add more stock to the market and that’s going to continue for a while.
Such post IPO volatility is the justification for indexes to wait, and honestly it’s a very good argument IMO.