Katie Martin

But like, as you say, he's always over the next horizon.

But like, how can it make sense to value this company at $1.75 trillion when it pulls in revenues that are probably no more than $20 billion with a B last year?

I mean, come on, how is this going to happen?

Well, yeah, that might be a stretch.

But like Rob, you know, you talk to a lot of investors.

I talk to a lot of investors.

Do you think they're going to swallow this at that kind of valuation?

Because, you know, as Richard says, Musk is the master at like creating vibes.

and creating kind of FOMO, right?

Fear of missing out.

Everyone wants to be in this thing.

But do you think the market mood is ready for an IPO with that sort of valuation of this sort of, you know, just behind the rainbow stuff in this moment in time?

So the main bit of jiggery-pokery, I think, is that purely coincidentally, right, so Musk has got a choice between listing this thing on the New York Stock Exchange or on Nasdaq.

And perfectly coincidentally, Nasdaq has been having a think about how companies get included on its really big indices.

Now, if you're a company, you list, your stocks are tradable.

If you get into a big index, then that does almost kind of mechanically pull in a lot of money, pulls in a lot of money from retail, pulls in a lot of money from institutional investment.

So like right now, if you imagine that this thing listed in May, it wouldn't be eligible for the NASDAQ 100 before December.

And because Musk is only talking about listing less than 10% of the company, it wouldn't appear in the index at all because that free float is too small.

NASDAQ is talking about changing these rules so that a company could be in the index as quickly as 15 days after it gets listed.

And that 10% threshold, well, maybe we could do a bit of loosey-goosey with that.