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Elon Musk declared on May 16, 2026 that he will not sell any SpaceX shares as the company prepares for what could be the largest IPO in history at a valuation exceeding $1.75 trillion. But structural pressures from institutional investors seeking exits, employee liquidity demands, regulatory scrutiny over conflicts of interest, and Musk's own track record of selling $23 billion in Tesla shares in 2022 raise serious questions about whether the pledge will hold.