Josh Brown

It's a handoff.

So if BlackRock, State Street, Invesco, the big index ETF houses, they have to wait.

It's 10 days.

Okay, so the hedge funds are going to be the bridge from the IPO date until the index providers and all of the active funds that are mimicking the index de facto can come in and buy.

So you have this two-week period where it's almost like,

Well, who else is left to buy it?

It's not $5 trillion in demand for a $2 trillion IPO.

It's impossible.

It's not a six-month lockup, which is what investors are accustomed to.

I want to do one of your charts real quick.

To the first point you made, all of the people that we're going to hear from are super long from a super low price.

Put this SpaceX stock chart up.

So with the caveat that obviously this is privately held, but it's...

I mean, this is the perspective.

So this goes back to 2020.

And you could see that this company had a valuation of a couple of billion dollars.

What do you think the valuation was in 2020?

20 billion?

Which is a high percentage.

He gets to represent Tesla.