S&P Weighs Rule Changes That Would Speed SpaceX’s S&P 500 Entry
A trader works on the floor of the New York Stock Exchange.
Photographer: Michael Nagle/BloombergS&P Dow Jones Indices LLC is considering changes to rules governing how companies join the S&P 500 Index, a move that would potentially fast-track SpaceX’s entry after its IPO, people familiar with the matter said.
The rule change could mean that billionaire Elon Musk’s space transportation and satellite company would see a wave of billions of dollars in forced buying. Funds that track the index must buy newly added stocks, and roughly $24 trillion is tied to the S&P 500, according to Bloomberg Intelligence.