A second possibility: Deploying a program known as “limit order book building.” DoorDash and Airbnb both used it in establishing their listings. it’s where the institutional investors must show both the quantity of shares they want, and the price they’re willing to pay for them, as opposed to just asking for shares. That solution wouldn’t prevent all the underpricing by any means, but it would greatly curb the biggest expense to SpaceX.
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It would be fine if people were building their own riffs on WigglyPaint’s ideas; they’re just ideas. It would be easy to create something new from these ideas, but the thieves can’t be bothered to add even the tiniest creative spark of their own.