At T minus 48 hours we have an anomaly, we have an anomaly. The countdown will resume shortly.
From Business Insider, June 10:
Sen. Elizabeth Warren said the Securities and Exchange Commission should delay SpaceX's IPO to ensure the Elon Musk-led company won't put investors at risk.
"The massive size of the SpaceX IPO alone, under normal circumstances, would justify careful SEC review and attention to investor needs," Warren wrote to SEC Chairman Paul Atkins in a letter that her office published on Wednesday.
"But these are not normal circumstances: a number of additional factors exacerbate concerns and require action by the SEC to meet its investor protection and market integrity mandates by delaying the IPO," the Senator wrote.
SpaceX is set to debut on the Nasdaq Friday morning, leaving Atkins and the SEC little time to address Warren's concerns. SpaceX is set to go public at a valuation of around $1.77 trillion, which would make it one of the most valuable companies in the world despite not being profitable.
The former presidential candidate and top Democrat on the powerful Senate Banking committee raised particular concerns about how major indexes have recently changed their rules or at least considered changes, which allow for SpaceX's inclusion on a faster timeline.
"The SpaceX IPO creates a new concern: that major stock market indexes are being rigged in a way that would force millions of investors in passive index funds — a generally lower cost investment option that can be attractive to retail investors — to invest in SpaceX and face exposure to SpaceX's significant risks with no choice in the matter," Warren wrote in the letter, which is dated June 9.
It's unlikely that Warren's request will result in a halting the IPO. The Massachusetts Democrat has frequently used her perch to frequently pressure leading CEOs. Nvidia CEO Jensen Huang recently declined her invitation to testify before the Senate about the company's business in China. While Warren can request information, she would need at least some Republican support to enforce compliance with her requests or in this case the help of Atkins, a Trump appointee....
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