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.

When index funds became such a default I knew they’d change the rules.

They’re taking everything thats not nailed down. A wealth tax is the only way, it cannot continue like this.

> Why bend the rules[?]

> for a trillionaire[!]

This writes itself. It shouldn't, but "should" as a concept needs a lot of work.

And even that isn't accurate. They are not bending the rules for a trillionaire, they are maintaining the consistency more systemic rules. This is how it has always been. We can all point to real or perceived ethical islands. They certainly exist, and are worth creating and preserving. But for now, the sea still sets the rules, and the sea is deep. For the deeper system, island visibility is a useful distraction. Sometimes something heavy moves near the surface and we misinterpret visibility as exception.