Those index funds forced to buy into SpaceX so quickly before proper price discovery are also big at lending stocks for shorting.
There's a lot more than that of the non-float that people can't wait to sell. This is just front-running the insiders.
One of the things "know-it-all" EM did not know about.
Short interest in TSLA is under 3%. Evidently the shorts think SPCX can't be defended as easily by the cult of Elon. It will be interesting to see when and how perceptions change.