Investor Ram Rupireddy files SEC complaint over SpaceX IPO mismatches
SpaceX's $1.77 trillion IPO is making headlines, but not everyone's celebrating.
Ram Rupireddy, who put in $17,250 back in 2020 through a company called Late Stage Management, says he noticed weird mismatches between his investment account and his tax forms, and he's now taken his complaint to the SEC.
Rupireddy says shares sold for $45,450
Rupireddy found out his shares were sold for $45,450 in 2024 without him knowing, while he thought they should have been worth over $300,000 at IPO prices.
Rupireddy said he believes more than 100 others are in a similar situation, saying they were locked out of SpaceX profits.
One investor said an SEC lawyer called him in July, and an FBI special agent was also on the line.
In March, three Late Stage executives pleaded guilty to charges of defrauding investors, raising questions about how safe these SPV investments really are.