If you can use it as collateral, then it exists just as much as a house or property does.

There is two truths to this: not 100% of the company exchanged hands. The part that hasn't changed hands only lost perceived value, no money has moved. The part that is exchanging hands is real people losing and winning real money.

So much of this is blogger brain, with people hearing rumors based on clickbait headlines, and having no idea how the money moved around.

The major index that bought into SpaceX on IPO day was the NASDAQ-100. S&P and DOW indexes have not yet included it.

While US ETFs currently own around $16 billion worth of the stock across 179 ETF products, that's around 1% of the total market cap of the firm. The single largest shareholder - at around 44% of the market cap - is Elon himself. Another 20-odd% is owned by various private equity funds that are a whose-who of the modern tech sector - Google, Peter Thiel’s Founders Fund, Sequoia Capital, and Andreessen Horowitz - along with your standard assortment of Wall Street banks - Baillie Gifford, Baron Capital Group, T. Rowe Price, and Valor Equity Partners.

Nobody has actually cashed out yet, in any meaningful capacity. But because the stock slipped off it's IPO high, we're getting a bunch of screaming know-nothings who insist they've all been robbed.