Scott Galloway

What you're effectively doing is creating a different class of stock.

You're not supposed to do that.

My understanding of securities law is that

When one class of stock has different trading rights than another, and you're not an insider, you've created a different class of shares.

By the way, I just want to just to clarify, the retail investors actually can sell if they want to via these brokerage apps.

But supposedly, if they do sell, then apparently they're going to be not allowed to buy into future IPOs.

So you're allowed to, but the platforms are setting it up to discourage you from doing that.

So call it a soft lockup.

Soft lockup, yeah.

But when you create different conditions on the sale and purchase of a stock, you're creating a new equity unless you're an insider.

Somehow, I thought that was illegal according to the SEC, but supposedly that's not legal.

We don't have much of an SEC anymore.

Yeah.

Yeah, so this is, again, you know, it just feels like look out below.

The thing I wasn't anticipating, and I'm curious to get your thoughts on it, I would have thought that the other guys would have traded up in sympathy.

And according to Mia here, Rocket Lab, Echo Star, and Space Mobile have declined 10%, 12%, and 14% respectively.

I would have thought they would have traded up in sympathy here.

I don't know if it's because people had to sell that stuff to get into this.

Correct.

You think that's it?