More Perfect Union
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We Uncovered a Hidden Wealth Transfer in the SpaceX IPO. You're Holding the Bag.
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May 27, 2026
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12:06Now PlayingSubmit your feedback to the S&P about this rule change at this link by tomorrow May 28:
Elon Musk wants a SpaceX IPO valuing the company at upwards of $1.75 trillion.
To get there, he got the rules changed so that index funds, with millions of Americans' retirement savings, are forced to buy in.
Retirees could take huge losses, while insiders cash out.
Credits:
Producer: Eric Gardner
Editor: Eric Schuman
Motion Graphics: Gerald Lane
Videographers: Jack Davis, Mariessa Smith, Evan Smith
Video Production Manager: Isabel Atalaya
Video Production Coordinator: Jodi Clemens
Video Production Fellow: Astrid Dong
Supervising Producer: Sam Quigley
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More Perfect Union is an Emmy-winning, nonprofit newsroom whose mission is to build power for working people. Here’s what that means: We report on the real struggles and challenges of the working class from a working-class perspective. We attempt to connect those problems to potential solutions. We report on the abuses and wrongdoing of corporate power. And we seek to hold accountable the ultra-rich who have too much power over America’s political and economic systems.
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