Susannah Batley

But this is, I think, a particular example where you have a very small number of individuals, really one that is controlling the entire thing.

Really, I think as an investor, yes, you can look at financials and yes, you can look at risks and all these other things.

But really, you are taking a big bet on that one individual and saying, is that person going to be

making great decisions that continue to increase the value of the company going forward.

I'd say one of the things with the US market that I think is a bit different to both the Australian and the New Zealand markets is, you know, we're seeing particularly in technology companies and particularly where there's that really strong founder dynamic and continue to be founder led, as you see these different classes of shares with different voting rights attached, really to continue to give the founders control as they may need to

raise money and dilute the economic interests.

And that's something I think that we see much more rarely in the Australian New Zealand market.

It's very much best practice of ordinary shares, you know, aligning voting and economic interests, independent directors that help provide accountability and options to course correct if need be.

Yeah, I mean, it will be interesting to see what they do around participation.

You know, it's going to be within that index.

So there'll be a lot of funds that just by virtue of it being in the index will be buying into the stock.

It's hard.

There aren't a whole lot of comparable companies to SpaceX.

So if you're an investor, it's like those are the terms and that's the arrangement.

And you've just got to decide, are you going to accept that and go in or you don't?

But I

You know, I think it's hard to look at sort of other competitors.

It's really a bit of a, do you want exposure to that company or don't you?

That's right.

Yeah, so they have tweaked the formula to enable SpaceX to enter the index much quicker than it otherwise would be, which will be interesting to see what that does to the demand side over the next wee while.