An passive investors are going to get hosed by this thanks to NASDAQ cooking the rules to favor Elon and his band of misfits.

No longer will there be a year of price discovery for index funds, 15 days. Meaning index funds have to buy it at the peak of the hype cycle. Will be a huge wealth transfer from mom and pop retirement accounts to the ultra wealthy.

Wow! This comment inspired me to dig deeper.

After 20+ years in the market, today I learned: "The S&P 500 is a float-adjusted, market-capitalization-weighted index."

So presumably an S&P 500 index fund is not disadvantaged, since it is tracking a float-adjusted index, i.e. the weight of SpaceX will be tiny if its float is tiny.

Or, is there a nuance that I'm missing?