Sam Dickie

Actually, what I would just quickly mention is it was more of an unwritten rule was during the IPO window, which could be anything from sort of three to six months before, it was generally accepted that insiders would be very, very quiet because you couldn't be seen to be... But no one told Elon.

You couldn't be seen to be spruiking your company.

It's not just Elon.

It's...

Anyone with a vested interest, any VC firm, there's podcasts galore, there's tweets.

So that's one sort of unwritten rule that's been broken.

In terms of actual rules that have been changed, not so much broken, is the S&P 500, the Bellwether Index, there'll be a stand down period for, say, 12 months.

Certain liquidity requirements will have to be, in terms of free float, will have to be hit.

And also profit gates will have to be hit as well, which I think is really important for sort of long term growth.

more stable quality investors.

The NASDAQ, however, has said that they will include this fully at its index weighting within the sort of first couple of weeks.

So that's going to be sort of mechanical buying from passive funds who track the NASDAQ 100 index.

That's right.

So that clearly doesn't mean that the company's any better than it was the day before.

It just means these index funds have to get set.

Legally, they have to get set within a very short space of time.

So that's just a huge amount of mechanical buying that eventually stops.

And you sort of do the maths on demand supply.

When that sort of artificial demand stops for the stock, you can see some gravity.

And that often does coincide with when the lockup comes off.