Scott Galloway

it was a space company, and then a couple months ago they turned it into something else by buying XAI and then saying that actually it's an AI company, or that that is the $28 trillion or $26 trillion opportunity, according to the S-1.

That was the total addressable market with AI.

So, I mean, I appreciate you clarifying that.

It's like there are different businesses that we're evaluating here.

The space business might have a wide moat, but this is no longer a space business, apparently, because that's not what they're pitching.

And that's supposedly not what the valuation is saying.

predicated on.

Let's go to the stock price.

Do you agree with that?

So the IPO price was $135.

We're looking at $200 a share at the moment.

That does not make much sense to me.

I assume it doesn't make much sense to you.

But when I think about reasons why that might be the case...

The first thing that jumps out to me is that only 4% of the shares are available to the public.

The float is incredibly small, which to me means this has high potential to become a meme stock and seems to look like it already is a meme stock.

Is that the explanation?

I think so.

How concerned would you be, do you think we should be, about those lockups?

To me, it seems like that's going to put enormous pressure on the stock.