A data engineer, Ram Rupireddy, invested $17,250 in SpaceX shares through New Jersey-based Late Stage Capital in 2020, expecting his holdings to be worth approximately $300,000 by SpaceX's IPO in 2026. However, he later discovered the firm had sold his shares in 2024 for only $45,450, without any prior notification. Rupireddy, along with about 100 other investors facing similar issues, has filed complaints with the U.S. Securities and Exchange Commission (SEC). The report highlights that many firms like Late Stage Capital operate as special purpose vehicles (SPVs), which may not directly hold the promised pre-IPO shares, leading to transparency and control issues for retail investors.