00:00Let's stay on SpaceX. Shares had surged 35% post-lockup expiry through yesterday's close,
00:06adding roughly $500 billion in market value and defying fears that a wave of insider selling
00:11would pressure the stock. But several more lockup expirations are ahead. Investors are bracing
00:17for more volatility. Bloomberg's come. Reinecke joins us with what we need to know. And, you know,
00:22it's a calendar thing. In August, there's more. In October, there's more. And next year, there's
00:27more. Yep. It's something that we're going to just keep seeing, potentially adding pressure to
00:31the stock. Although going through the first one, it seems like investors didn't have a ton to worry
00:36about. We saw pressure heading into the lockup, especially with Wednesday's earnings report sort
00:41of coinciding right ahead of when those shares did lock up. But that ended up being the low for the
00:47stock for now. The next day, shares jumped and they rallied 35% over the next five days. We're seeing
00:53a little bit of selling pressure today, but that's pretty expected after a 10% jump that we saw
00:58yesterday on that GrokBot news. So a lot of strength here. I think it gave investors some
01:03confidence that there wasn't a lot of selling with that first lockup. It was the biggest one that
01:07we'll see. And it was more shares sort of coming online than even actually in the IPO. So a very
01:14good
01:14sort of first hurdle, as investors have said, for the stock. But more pressure coming up in one
01:20week, we get the next lockup expiration. Next summer is the big one, right? That's when
01:24Elon Musk shares, subject to very specific lockup terms, hit the market.
01:29Yes, you're right. So about a year after the IPO is when that happens. And then sort of all of
01:34the
01:35available shares will come online and we'll have the total float for everyone to trade. And we'll see
01:41what happens. I mean, the first year of trading post-IPO is so volatile. And we know that there
01:46are often large drawdowns. I mean, SpaceX has already seen a huge drawdown, you know,
01:51over a trillion dollars in market value lost from, you know, the top a few days after the IPO through
01:56last week's bottom. So lots of volatility here is to be expected continuing. And I think we're
02:02going to see it in the year to come. Karma, really quickly, there were two very large numbers Elon Musk
02:07touted on the earnings call. How are investors thinking about that? I think those are of paramount
02:12importance, right? We know that so much of what investors are looking at here is that future
02:18bid, right? It's Elon's vision. And so if you're a bull, that's what you're focused on. You're saying
02:23the valuation doesn't matter. That's what I'm investing on. If you're a bear, you're a little
02:27bit more, you know, scrutinizing that figure. So what those goalposts are very important.
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