Rory O'Driscoll

True.

True.

Though one of the things is, there's usually two questions you're asking at this point.

Though one of the things is, there's usually two questions you're asking at this point.

What's it going to price at and what are they going to trade at?

What's it going to price at and what are they going to trade at?

And the funny thing is, unlike 99% of IPOs, the first question's already been answered.

And the funny thing is, unlike 99% of IPOs, the first question's already been answered.

Elon has decided that instead of doing price discovery, where the bankers build the book and then they pick the price and they announce the price right at the end, the night before, the IPO pricing typically takes place the night before the trade opens.

Elon has decided that instead of doing price discovery, where the bankers build the book and then they pick the price and they announce the price right at the end, the night before, the IPO pricing typically takes place the night before the trade opens.

So then everybody gets to buy who participates in the IPO at that price.

So then everybody gets to buy who participates in the IPO at that price.

And then it opens next day at whatever price up or down from that.

And then it opens next day at whatever price up or down from that.

In this case, Elon has decided in advance of getting anyone's input that the number should be, I think, $135 a share, which values the company at $1.8 trillion.

In this case, Elon has decided in advance of getting anyone's input that the number should be, I think, $135 a share, which values the company at $1.8 trillion.

In other words, he's kind of short-circuited the price discovery process.

In other words, he's kind of short-circuited the price discovery process.

And instead, we're not doing price discovery.

And instead, we're not doing price discovery.