Katie Martin

This strikes me as quite a bad idea to be like fiddling with rules like this.

What do you think?

But you mentioned something interesting there, Richard, which is that this is an Elon stock.

So as we were saying, Tesla car sales have been falling, particularly in Europe.

Tesla stock has been falling quite hard.

It's down by about 30% since November.

Is Tesla stock falling precisely because investors feel like they only have room for so much Elon in their lives and they have to get rid of some Tesla exposure so they can take on some SpaceX in a few weeks time?

Yeah, exactly.

Yeah.

There's so much going on with this potential listing, right?

But I just want to kind of imagine a situation sort of six months from now.

This thing is a stock on the stock exchange that you can buy or sell at will.

Do we think it's going to behave like a normal stock that responds to the P&L of the company and its earnings projections?

Or is it going to be like another Tesla, which is basically, that stock is basically a fan token for Elon Musk in a lot of ways.

It doesn't really respond to the normal metrics.

It is hard to justify the valuation of this company and of this stock based on what it actually earns.

Is this just going to be another massive stock that just doesn't behave like all the others?

Like you've got a row of stocks.

They're all the equivalent of like men in suits.

And then you've got one that's dressed as like a clown.