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So that insider trading can happen before the stock hits the market. Then these insiders can take the profits from the IPO, as apparently it is oversold already 4x. And then just before the first drop to sell off. A pump & dump scheme?

Nothing says late stage capitalism than being told by your mutual fund and retirement managers that you can’t opt out of your funds being invested in what is obviously a massive pump-and-dump operation, just to make an ego maniac the world’s first trillionaire.