Elon Musk denied reports that SpaceX is excluding Robinhood Markets and SoFi Technologies from its initial public offering, calling them "false." However, the speculation highlighted a deeper truth: retail platforms are already integral to Tesla’s trading.

These reports are false

— Elon Musk (@elonmusk) March 31, 2026

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Tesla, Inc. trades roughly 60 million shares a day. Retail participation across U.S. equities sits near 20%, but Tesla skews higher — closer to 25%.

That implies roughly 15 million shares of daily retail volume.

Now consider where that flow sits. Robinhood dominates high-frequency retail trading in names like Tesla, while SoFi continues to scale its app-first investor base. A combined ~35%–40% share of retail Tesla flow is a reasonable estimate.

Do the math: that's roughly 5–6 million shares daily.

Against total volume, that lands near 8%–10% — and moves comfortably above 10% on active days.

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The IPO debate misses the bigger picture.

The focus is on whether Robinhood and SoFi get access to a future SpaceX listing. But in Tesla, they're already shaping price action — especially around catalysts where retail participation clusters and amplifies moves.

This isn't marginal activity. It's directional flow.

SpaceX, if and when it lists, will likely be tightly controlled.

Tesla isn't.

And that's the contrast Musk's response highlights: he can shut down speculation about who gets into SpaceX — but Tesla already trades in a market where retail platforms help set the tone.

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This article Robinhood, SoFi Sidelined In SpaceX IPO? 'False,' Elon Musk Says originally appeared on Benzinga.com