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all they have to do is hold the lie together long enough to sell.

That last phrase is really doing a lot of heavy lifting. When you own a large chuck of stock in a post IPO company, trying to cash out large ownership stakes has the effect of crashing the price.

My expectation is that what ever the IPO price is, one year from then (the usual minimum time to be able to sell a stake like spez will have) it will be lucky to be 5% of the launch price.