Anna Macdonald

You might see some volatility in both directions.

And I think they've had that worry in other shares too that have floated.

I mean, I think it was much the same with Facebook as was then and Meta as now, which, you know, enable big spending decisions around things like the metaverse to happen.

So, yeah, I think with SpaceX, there is possibly the...

I wouldn't say it's part of the attraction having no control.

That's like saying or having no democracy.

But I think that a lot of investors think that they want Elon Musk to be in the driving seat.

They want that.

And so they're going in very, you know, they're really cognizant that is what they're buying.

They're buying, I think what a lot of them are buying is Musk.

I mean, and to be fair... Stardust.

They're buying Stardust.

They're buying Stardust, but, you know, he has... If you look at... There are some... It's a loss-making company, but they are generating revenues and they've been signing deals and Starlink is quite well established.

He's got his track record at Tesla.

You know, it's not... They're not asking... You know, it's not someone unknown that they're handing over the control to, but I do sympathise with...

The whole idea that, you know, if you're a shareholder, you should be able to vote at AGMs and you should be able to, you know, we want shareholder democracy.

But this is, I suppose, one of those special cases where you're just going to have to be aware of that.

I do think it's quite fun to think back about when I used to look at IPOs in the UK market, which I did quite a lot when I was at Amati.

And

We used to apply things like liquidity discounts and shareholder control discounts and things like that.