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Shocking, $SPCX unlocked for the first time, with a potential selling pressure worth 100 billion, but surprisingly it rose instead of falling last night: 1. Elon Musk led the call not to sell, and actually motivated the employees (probably because the employees also thought the price was too low). In the end, the only ones actually selling were the IPO institutions. It turns out that out of the potential 100 billion selling pressure, only about 10 billion was sold, cashing out to invest in stocks like Anthropic and OpenAI. 2. Another unexpected effect of the unlocking is: before unlocking, only 5% of $SPCX was freely circulating, with pricing power in the hands of high-frequency market makers and hedge funds, who had opened a large number of short positions. Now with the unlocking, the circulating supply has risen to over 20%, shifting the pricing power from the short-selling hedge funds to the market. Their covering of a large number of short positions actually drove the price up. 3. Elon Musk is still impressive, managing to persuade everyone not to sell. It feels like the market is resetting expectations today: since no one is selling this time, does it mean that future unlockings won’t lead to selling? I’ve decided to observe for a while longer: even if employees really think the price is too low and don’t sell, if Musk continues to invest heavily in AI and the price eventually drops, there might be panic selling. #财报观察员：解禁后反涨，SpaceX后续怎么看？ #AIMemoryBullTest #FedHawksVsWeakJobs #SpaceXUnlockRebound