I think you might have missed the original story. There was some fuckery going on with changes to the rules of what does and doesn’t get listed at IPO, seemingly designed to force the stock to (be allowed to) launch at a nonsensically high value on the indices, in turn forcing the least gamble-minded investors (which includes a fuckload of normal people via pensions, insurance schemes etc) into becoming bag holders for the most transparently greedy rug pull of all time.
I live eight thousand kilometers from the US, and have no vestigial belief in capitalism, and this made me sell my US index funds this week. What an irresponsible shitshow even if you believe in nothing besides capital, even if you are a true believer in this system.
The definition of being listed on any index isn’t waiting for someone to announce “I want each share to be worth ten trillion dollars! Actually no, eleventy billion dollars!” and taking that at face value. That’s why this is news. It’s not Mr Standard and Mr Poor sitting in an office and deciding they don’t like the stock.
Orrrr its literally baked into the definition of what it means to be on the S&P.
I think you might have missed the original story. There was some fuckery going on with changes to the rules of what does and doesn’t get listed at IPO, seemingly designed to force the stock to (be allowed to) launch at a nonsensically high value on the indices, in turn forcing the least gamble-minded investors (which includes a fuckload of normal people via pensions, insurance schemes etc) into becoming bag holders for the most transparently greedy rug pull of all time.
I live eight thousand kilometers from the US, and have no vestigial belief in capitalism, and this made me sell my US index funds this week. What an irresponsible shitshow even if you believe in nothing besides capital, even if you are a true believer in this system.
The definition of being listed on any index isn’t waiting for someone to announce “I want each share to be worth ten trillion dollars! Actually no, eleventy billion dollars!” and taking that at face value. That’s why this is news. It’s not Mr Standard and Mr Poor sitting in an office and deciding they don’t like the stock.