Brian Levitt

What?

Go ahead.

The oversubscribed shit is fake.

So do you remember Cerberus went public in the middle of May?

I'm on TV next to people who are saying it's 20 times oversubscribed.

Well, what the fuck did that mean?

It went down 100 points over the next three weeks.

Like that, you could just make up a number and say it to a reporter and they will go on the air and say, the SpaceX deal is 12x oversubscribed.

First of all, where do you get that number from?

Oh, an investment banker told me.

Like nobody like actually knows what the demand is because the indications of interest, the event.

So you call up a retail investor in this case, 30% retail say, if we could get you, if we can get you a hundred shares of SpaceX at $135 a share, do you want it?

Yes.

You don't know if they're going to pay for it.

If it goes up, they'll pay for it.

If it goes down, they're not going to pay for it.

And therefore, I don't care how oversubscribed.

I did the indication of interest myself.

I was a branch manager.

I promise you it's bullshit.