Aidan Donnelly

Does it mean it could go up?

It could go up.

And that's where we're talking now about the market dynamics that are ultimately behind this in terms of, you know, you have a situation where I think nearly every Wall Street bank bar one, which is interesting, is on the ticket here.

Right.

So they have a collective interest to make sure it's successful.

Musk obviously has a collective interest to make it and anybody else who is shareholders is.

are going to have a collective interest to make it.

Yeah, but the problem then comes when you look at it in terms of the dynamics of it.

As I said, the free float's going to be very low, right?

So when it goes into any... About 60% of the US market is controlled by exchange-traded funds or passive investors, right?

They can't buy it on the day or pre the IPO.

They have to wait till it's in the index to buy it.

So there's three major providers of indexes.

There's MSCI, there's S&P and there's the NASDAQ.

MSCI operate on a free flow basis.

So in, I think, five or 10 days or something like that, it's going to go into the MSCI world, right?

But because the free flow is only about four odd percent, it's going to be tiny in that index.

So they're not going to be big index buyers.

That will limit the index from them.

If the next one up, they have a kind of a funny, quirky way of doing it.