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Economy
'The IPO Is Being Engineered': 12-Minute Video Details Growing Fears Over Elon Musk Plot to Become World's First Trillionaire
As the Trump-backed oligarch tries to grow even more wealthy and with longstanding rules changed to his benefit ahead of the SpaceX public offering, "retirees could take huge losses, while insiders cash out."
May 28, 2026
Billionaire Elon Musk has ambitions to become the world's first trillionaire when his company SpaceX makes what is expected to be the biggest initial public offering in history—and money unwittingly invested by ordinary Americans may help him get there.
Progressive media outlet More Perfect Union on Wednesday published a video detailing how the Nasdaq stock market exchange changed its own rules so that SpaceX can be immediately included in index funds without having to wait through the one-year "seasoning" period that used to be required for newly public companies.
The reason companies in the past had to wait a year to be included in index funds is that such funds contain a large chunk of Americans' retirement savings, and are thus supposed to be more averse to risk.
Watch the 12-minute video:
NEW: Elon Musk wants a SpaceX IPO valuing the company at upwards of $1.75 trillion.
To get there he got the rules changed so that index funds, with millions of Americans' retirement savings, are forced to buy in.
Retirees could take huge losses, while insiders cash out. pic.twitter.com/DviJEt0XAu
— More Perfect Union (@MorePerfectUS) May 27, 2026
This means that ordinary investors could see their money plunged into an unproven company while investors who have bankrolled Musk's previous ventures now rolled into SpaceX could cash out at inflated prices.
"Every piece of evidence we have is that the IPO is being engineered to rise very rapidly after it prices, and then fall very dramatically after that," George Pearkes, global macro strategist for Bespoke Investment Group, told More Perfect Union. "That is a recipe for retail investors, especially, to take large losses."
SpaceX is a particularly risky bet, Preakes added, given that it is seeking a $1.75 trillion valuation with its IPO. For a company that made only $19 billion in profits last fiscal year, critics say a valuation 54 times larger than its projected revenue multiple, a measure of its value based on expected future earnings, is a huge red flag.
"This combination of extreme size and this extreme multiple," Peakes said, "is completely unprecedented."
Pearkes isn't in the only expert concerned about the structure of the SpaceX IPO.
Writing at Seeking Alpha, independent equity researcher Julia Ostian similarly argued that the SpaceX IPO is structured using a "calculated mechanism that will feed the artificial demand generated by the forced index fund buyers," and thus at least initially send share values soaring beyond what the company's fundamentals would suggest, and giving insiders an opportunity to quickly cash out.
Ostian added that "it is clear who is the beneficiary here and who pays the price for this engineered system," and said that "the rich are getting richer openly, without hiding it or even without trying to pretend it’s something else."
As More Perfect Union emphasized, the entire IPO was orchestrated by Musk for maximum advantage to himself and his closest allies, but he needed regular Americans to put up the money for the scheme to work.
"He got the rules changed so that index funds, with millions of Americans' retirement savings, are forced to buy in," the outlet noted. "Retirees could take huge losses, while insiders cash out."
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Inflation Jumps to 3-Year High as Critics Say Trump Economic Promises Have Turned to Dust
"If an economic policy will make life harder for American families, you can count on President Trump to try it," said one leading House Democrat.
May 28, 2026
A key federal inflation measure released Thursday shows that US prices jumped to a three-year high last month as President Donald Trump's illegal Iran war and tariffs continued to push up consumer costs at gas pumps and grocery stores across the country.
The personal consumption expenditures (PCE) index, closely watched by the Federal Reserve, rose at an annualized clip of 3.8% in April, the fastest pace since May 2023. Even when food and energy prices were stripped out of the measurement, the index rose 3.3% last month compared to a year ago—the highest level since November 2023.
"Today’s numbers tell the story: Families are paying more for gas, food, and housing and utilities," said Sen. Elizabeth Warren (D-Mass.). "Donald Trump promised to lower costs ‘on day one,' but instead inflation is running ahead of wages as his failed economic agenda hollows out Americans’ paychecks."
The US Bureau of Economic Analysis (BEA) also found that Americans' personal savings rate fell to its lowest level since June 2022, plummeting to 2.6% as higher prices force households to spend more on basic necessities.
"This is stunning," Heather Long, chief economist at Navy Federal Credit Union, wrote on social media, noting that the personal savings rate was 5.5% in April of last year. "That's a sharp plunge. It underscores how squeezed Americans are right now with higher prices and incomes not keeping up."
Consumer spending grew by $111.1 billion last month, according to BEA data, with "gasoline and other energy goods" making up the largest portion of the increase. Trump administration officials have attempted to spin rising consumer spending as evidence of broad optimism about the US economy, even with consumer sentiment at an all-time low.
"Prices remain stubbornly high because President Trump refuses to bring down the cost of living for working families," said Breyon Williams, chief economist at the Groundwork Collaborative. "Trump is making Americans pay more, first via his tariffs and now because of his war in Iran, causing prices at the pump to skyrocket. At the same time, he remains fixated on his lavish billion-dollar ballroom that the taxpayers will fund and a $1.8 billion slush fund for his supporters.”
"Unless you can cut a check for his ballroom, Donald Trump clearly couldn’t care less about you."
Rep. Brendan Boyle (D-Pa.), the ranking member of the House Budget Committee, similarly ripped Trump for focusing on securing private and taxpayer funding for his White House ballroom project as families struggle with unnecessarily high costs throughout the economy.
“If an economic policy will make life harder for American families, you can count on President Trump to try it," Boyle said in a statement following the PCE data. "His tariff taxes were bad enough, but now his disastrous Iran war has sent prices at the pump skyrocketing. By driving up fertilizer and transportation costs, Trump’s Iran war is also making Americans pay even more at the grocery store."
"Americans are struggling, but Trump and Republicans in Washington can’t be bothered to help," he added. "Unless you can cut a check for his ballroom, Donald Trump clearly couldn’t care less about you."
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'Sign of Madness': Critics Warn Trump DHS Plan Would Cause 'Apocalyptic' Chaos at Airports
"Do any of these people have a working brain or understand how life works in the real world?" asked a retired air traffic controller.
May 28, 2026
US Homeland Security Secretary Markwayne Mullin on Thursday reiterated his threat to remove Customs and Border Protection agents from airports at so-called "sanctuary cities" that bar local police from cooperating with federal immigration enforcement operations.
During a Fox News interview, co-host Brian Kilmeade asked Mullin whether this plan would essentially halt all international flights to major US airports in travel hubs such as Chicago, Los Angeles, and New York.
Mullin responded by saying DHS wasn't "going to halt the flights," but rather "won't be able to process them because we won't have officers there."
The DHS secretary said that the CBP officers needed to be sent to protect DHS employees at the Delaney Hall migrant detention center in Newark, New Jersey, which has been targeted in recent days by protesters demanding humane treatment of immigrants.
"If things don't change, we're going to have to make this step pretty quick," Mullin emphasized. "I'm not going to put my employees and my [US Immigration and Customs Enforcement] agents at risk going to and from this [facility]."
Markwayne Mullin: "If CBP isn't there processing international flights, then those individuals when the airlines land won't be permitted into the United States. If things don't change, we're gonna have to make this step pretty quick." pic.twitter.com/flcAGL2TVG
— Aaron Rupar (@atrupar) May 28, 2026
Critics were quick to point out that Mullin's plan would lead to massive chaos at major international airports and would be a significant economic disruption at a time when Americans are already under financial pressure from the rising price of food and energy.
"This would be deliberately stabbing the US economy in the back," argued Aaron Reichlin-Melnick, senior fellow at the American Immigration Council. "It would cause enormous economic damage and disrupt air travel nationwide, as airlines would be forced to cancel flights en masse. That he’s even contemplating this publicly is a sign of madness."
Minneapolis-based attorney Will Stancil questioned whether Mullin had fully gamed out how his plan would play out politically for his boss, President Donald Trump, whom polls show is historically unpopular.
"If I’m sitting at 35% approval," Stancil mused, "the thing I definitely want to do is to cause apocalyptic levels of chaos at all of America’s largest airports."
Retired air traffic controller Vivian Lumbard similarly marveled at the self-destructive consequences that would come from enacting Mullin's plan.
"If customs isn't there processing international flights, US citizens won't be permitted to re-enter the United States either," she wrote. "Do any of these people have a working brain or understand how life works in the real world?"
Mullin's threats appear to be more than bluster, however. The Atlantic reported last week that the DHS chief recently "convened a small group of airline and travel-industry executives at DHS headquarters in Washington and told them he may reduce [CBP] staffing at major airports that serve sanctuary jurisdictions," including airports in New York, Washington, DC, and Portland, Oregon.
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Food Prices Set for Summer Surge as Trump and GOP Stare Down Inflation ‘Abyss’
"Food is going to become less affordable, and consumers should be prepared for it," said one expert.
May 27, 2026
US shoppers have been struggling with the price of groceries for years now, and prices are only set to climb higher in the coming months.
As reported by Bloomberg on Wednesday, a combination of President Donald Trump's tariffs, his illegal war with Iran, and a potential "super El Niño" weather pattern is projected to lower food supply while increasing food production costs, all of which will mean higher prices at US grocery stores.
According to Bloomberg, weather forecasters are now projecting that an unusually strong El Niño will form in August "that will persist into 2027 and push global average temperatures higher," potentially causing droughts in nations that grow staple crops such as rice, coffee, and cocoa.
And even without an El Niño, noted Bloomberg, farmers in the US have already endured the warmest-ever start to a planting season, which "prompted some domestic crops to begin blossoming weeks ahead of schedule instead of remaining dormant throughout the winter, leaving them exposed to subsequent frosts."
Ricky Volpe, agribusiness professor at California Polytechnic State University, told Bloomberg that 2026 would be a "challenging year" for agriculture, warning that "food is going to become less affordable, and consumers should be prepared for it."
Unusually warm weather isn't the only factor pushing up food prices. In a report published earlier this month, The New York Times found that Trump's tariffs on foreign steel have been pushing up prices of canned foods.
According to data from the US Bureau of Labor Statistics (BLS), the price of canned fruit and vegetables in March posted 5.7% increase from the year before, driven in large part by a tariff-induced rise in tin plate prices.
"Over 80% of the tin plate used in the United States last year was imported, according to Harbor Intelligence, a metals markets analysis firm," noted the Times. "Tin plate is produced in much lower volumes than the steel used to make cars and buildings, making it a less attractive business for large steel companies."
While Trump has tried to brush off the rise in grocery and fuel prices in recent weeks—going so far as to say "I don’t think about Americans’ financial situation"—his Republican Party is bracing for potential political consequences.
CNBC reported on Wednesday that the GOP is staring down an inflation "abyss" and fears that Democrats are well poised to at least retake the US House of Representatives.
Rep. Don Bacon (R-Neb.), who is retiring at the end of this term, told CNBC that his fellow Republicans have been unwilling to serve as a check on what he described as Trump's self-destructive tariffs that had hit Americans' pocketbooks.
"I think tariffs are bad policy," said Bacon. "Milton Friedman, Adam Smith, they’re the bibles of conservatism, and we have violated those... We should not have rolled over on that here in Congress."
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