The part that gets me is that changing of the rules by exchanges and financial regulators to essentially force mass purchases on a small float. That's disgusting and in a just world, those people would go to jail.

The funny part of all this is that SpaceX has achieved a lot but what might break them, or at least weigh them down heavily, is the impulsive and forced purchase of Twitter. Before anyone claims it was some kind of master plan, Elon went to court to get out of it but was forced into it [1].

What happened? Mass firings, pushing his own tweets because his fragile ego couldn't handle Joe Biden getting more likes [2] and Twitter opened the floodgates for hate speech [3] and worse [4]. Advertisers fled. Fidelity (who foolishly was part of the acquisition) massively wrote down the value [5]. Elon had used Tesla shares as collateral and was possibly facing a margin call.

How did he get out of it? Well, in 2023 Elon founded xAI to challenge OpenAI. People invested in this for some reason. And by 2025, Elon merged Twitter with xAI, overvaluing Twitter at $33 billion (which is still down 25% from the purchase) [6].

Now, I imagine the xAI investors were unhappy with Elon using xAI to bail out himself so what did he do? Easy. Make SpaceX acquire xAI of course [7].

Thing is, xAI and Twitter/Grok are a massive drain on SpaceX's finances, losing more than $10 billion annually allegedly [8].

Twitter did not have to end up as part of SpaceX. SpaceX would've been a better company without it. SpaceX already faces headwinds from the incredibly expensive and behind-schedule Starship program. Part of all of this regulatory fixing is to make sure the insiders (and Elon himself) get bailed out.

It's also not the first time [9].

[1]: https://www.pbs.org/newshour/economy/elon-musk-offers-to-end...

[2]: https://www.theguardian.com/technology/2023/feb/15/elon-musk...

[3]: https://www.nytimes.com/2022/12/02/technology/twitter-hate-s...

[4]: https://www.washingtonpost.com/technology/2023/07/27/twitter...

[5]: https://www.axios.com/2023/10/29/fidelity-twitter-x-value-el...

[6]: https://www.fintechweekly.com/magazine/articles/xai-acquires...

[7]: https://www.reuters.com/business/musks-spacex-merge-with-xai...

[8]: https://www.bloomberg.com/news/articles/2025-06-17/musk-s-xa...

[9]: https://www.theverge.com/2016/11/21/13698314/tesla-completes...

Danish Pension Blacklists SpaceX over 'Catastrophic Governance'