Matt Levine’s Money Stuff: You Can Just Not Buy SpaceX

Exit vs. voice

The simple model is that, if you don’t like SpaceX, you don’t have to buy it. For whatever reason. If you think that SpaceX is worth $1 trillion, or $780 billion, or zero, and it sells shares in its initial public offering at a $1.78 trillion valuation, you can just not buy any shares. (If the price later drops, you can revisit that decision.) Or if you think that SpaceX’s governance — in which Elon Musk has total control of the company and can’t be sued or second-guessed by shareholders — is oppressive for shareholders, then just don’t buy ...