To be fair, I think they just meant the stock price shape post IPO. Jumped up, then fell back down.

That said, I'm also not sure how accurate that is.

Yes, thank you. The news story here is that it slipped below IPO price during intraday trading. In a perfect world, IPO price should equal the fair value; in our world, there are random-walk price variances moment to moment; in synthesis, briefly dipping below IPO price (and not even at close/open!) is not evidence of any wrongdoing.

I was responding to the person pointing to this as confirmation of the long-running social-media-populist narrative surrounding this IPO. I consider that confirmation bias. I was not responding to the narrative itself, on which my only positions are: a prior against social media populism, a prior towards our financial institutions, a prior against trusting Musk, and a prior against trusting our current governance.

SpaceX acquired Cursor after their IPO likewise did Facebook with Instagram in 2012. Since xAI was merged with SpaceX before it’s not really unrelated.

Cursor investors and employees are the biggest winners of the SpaceX IPO, even if the IPO flops, they will still get much more out of their Cursor shares than they ever had a right to expect. Some SpaceX employees have been waiting over 10 years for liquidity.

SpaceX bought back shares twice yearly