Notably, today was the first batch of additions, which really does lend credence to the idea that it's just about people getting out after the forced buying. We'll see what happens in early July when it makes it into the Nasdaq 100.
What's that theory? Who are the "people getting out after the forced buying"? People who bought assuming there would be an increase in price due to forced buying?
Right. As the "short squeeze" dramas have shown, pump and dump victims these days can have a surprising amount of literacy on market dynamics. I would guess there's quite a lot of SpaceX investors who were convinced that the stock can't go down because the indexes have to buy it.