John Stepek

Yeah, it's also got SpaceX and I think it's got a bit of Anthropic as well and Stripe.

A lot of the interesting ones that are about to go public at some point.

The point is, there's kind of a sense that they're all going, oh, we need to get in here before all the money's gone.

Aye, and you do wonder, it's like, well, this is kind...

This is, again, classic top-of-the-market behaviour.

You know, you kind of hesitate to say it because you don't want people to say, OK, better I'll go to cash and then everything just keeps going up.

But the point is, if you did look back in like five years' time and say, oh yeah, that was the top of the market because everyone was rushing to get out fast before things tipped over.

So this is sort of like classic top-of-the-market behaviour.

Yeah, yeah, exactly.

I mean, a lot of these people clearly, they've been sitting on millions and millions of dollars.

And certainly if it was me and I was like employee number, whatever, 12 at SpaceX, I've been sitting there on generational wealth and I'm about to have the chance to get out.

I'm not, you know, I'm not going to carry on staying there.

As soon as that lockup is done, I'm pressing sell on my, you know, Hargreaves Lansdowne account or whatever.

I think there's quite a few different stages.

I mean, like Elon Musk, I don't think, obviously, I think he's basically got to keep his for a long time.

But I think that it's six months for most of the other lockups.

And then I think there's also, there's like family and friends who I don't think have got any lockup at all.

I need to kind of read around it a bit more closely.

But there's definitely, there's going to be dribs and drabs of this hitting the market for a prolonged period, certainly.

I don't like to sensationalize these things.