Gautam Mukunda argues that institutions like NASDAQ have failed in their duty to protect index investors by allowing SpaceX's governance structure.

Gautam Mukunda characterizes SpaceX's IPO structure as an "assault on the integrity of the capital markets" and a mechanism to transfer wealth from index investors to early-stage holders.

Gautam Mukunda asserts that SpaceX's governance structure grants Elon Musk total control, making it impossible for him to be fired or for shareholders to act as a check on his power.