GMO Internet Group, Inc.9449
Mentioned
Impact on stocks 3
Digital Finance & Tokenization
GMO Internet Group, Inc.Financials
Morningstar IncMORN
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Space Economy
GMO Internet Group, Inc.Morningstar IncLegendary investor Jeremy Grantham accused Nasdaq of cheating and changing its rules to fast-track SpaceX into the Nasdaq 100 index despite the company's lack of earnings. Speaking on Morningstar's 'The Long View' podcast, the GMO co-founder called SpaceX 'the craziest IPO in the history of man,' noting its $1.7 trillion valuation while it is 'rolling in red ink.' Nasdaq altered its inclusion rules to allow SpaceX to enter the index 15 days after its IPO instead of the normal three-month waiting period, and adjusted its minimum float rule. Grantham said this means many index-tracking funds will be forced to buy the stock, potentially creating more demand than sellers. The S&P 500, by contrast, did not approve fast-track rules or change its profitability requirement, which SpaceX does not currently meet.
GMO Internet Group, Inc.Morningstar Inc