SjacksENG
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@BillAckman @YigalBCN @realDonaldTrump Bill, your strength and courage give us shareholders everyday for hope.
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Dear Bill @BillAckman - could you please give us TIPS of how to sleep peacefully in the midst of all the #FNMA and #FMCC SHARE DROP?

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Must read - this is free and not me.
@georgenoble/note/c-226667679?r=4repfn&utm_medium=ios&utm_source=notes-share-action" target="_blank" rel="nofollow noopener">substack.com/@georgenoble/n…
This is the most SHAMELESS structural manipulation of a major index I've ever seen.
SpaceX is preparing what could be the largest IPO in history.
Target valuation: $1.75 trillion.
That would make it the sixth-largest company in America on day one.
And Nasdaq wants the listing so badly they're literally CHANGING how the Nasdaq-100 works.
In February, Nasdaq published a "consultation" proposing sweeping changes to how companies enter the index. The timing is pure coincidence, of course.
Just like it's pure coincidence that SpaceX has reportedly made fast index inclusion a CONDITION of listing on Nasdaq.
Here's what they're proposing:
A new "Fast Entry" rule would let any newly listed company whose market cap ranks in the top 40 of current Nasdaq-100 members get added to the index after just 15 trading days.
No seasoning period. No liquidity requirements. Completely exempt from the standards every other company had to meet.
Currently, new public companies typically wait up to a year before they're eligible for major index inclusion.
That waiting period exists for a reason. It lets the market establish real price discovery. It protects passive investors from being forced into untested, illiquid stocks.
And Nasdaq wants to throw all of that out. For ONE listing.
But the Fast Entry rule isn't even the worst part...
The real scandal is the 5x float multiplier.
Right now, the S&P 500 uses a free-float adjusted methodology. If only 5% of a company's shares are available for public trading, the index weights you at 5% of total market cap.
That's common sense. You weight a company based on what investors can actually buy.
Nasdaq's current methodology already uses total market cap rather than free-float for weighting. But for very low-float stocks, they at least had a 10% minimum float threshold.
Under the new proposal, that threshold DISAPPEARS entirely.
Instead, any stock with less than 20% free float gets weighted at FIVE TIMES its actual float percentage, capped at 100%.
Do the math on SpaceX:
If SpaceX IPOs at $1.75 trillion and floats 5% of its shares, there would be roughly $87.5 billion worth of stock available for public trading.
Under Nasdaq's proposed 5x multiplier, the index would weight SpaceX at 25% of its total market cap. That means passive funds would be forced to buy as if SpaceX were a $437.5 billion company.
But only $87.5 billion of stock actually exists in the market.
You are forcing hundreds of billions in passive buying into a $87.5 billion float.
QQQ alone manages nearly $400 billion. The total Nasdaq-100 ecosystem represents over $1.4 trillion in exposure across ETFs, mutual funds, structured notes, and derivatives.
Every single passive vehicle tracking this index would be REQUIRED to buy SpaceX at whatever price the market dictates.
On Day 15.
With zero price discovery. Zero track record as a public company. And a float so thin you could read through it.
So what this actually does is it creates a structural wealth transfer mechanism.
The passive bid from index funds pushes the stock price higher. That higher price benefits exactly one group of people: the insiders and early investors who own the other 95% of the shares.
And when lock-up periods expire 90 to 180 days later? Those insiders sell into the artificially inflated passive bid. Your 401(k) is the exit liquidity.
This is the fundamental corruption of indexing.
Indexing used to be brilliant. Low cost. Efficient. You were free-riding on the price discovery done by active managers. The index reflected the market.
Now the index IS the market. Trillions of dollars flow blindly into whatever the index tells them to buy. And the people who control the index methodology are changing the rules to serve the interests of a single IPO candidate.
The S&P 500 requires companies to have at least…
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@McNamara_Brief This is Awful :( but I am holding on all my shares and adding more.
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@McNamara_Brief It’s been a brutal ride so far.
Still convinced it’s happening this yr tho..
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If you believe $FNMA and $FMCC will be released from c-ship, then this is a huge “asymmetric trade” opportunity as @BillAckman coined it in Dec 24’. If you’ve held it and are down but still believe, charge that to the risk you took, and be happy you’re that much closer to LTCG.
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@gcmarbella Over $40 is conservative as he would be. I think over $50.
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@ShawnRyan762 @ShawnRyanShow Curious, do you think the Guthrie story is a hoax? Wouldn’t surprise me any.
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@revgalerivs Those cases were consolidated years ago. Nothing new unfortunately
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@HorsemanCountry He can’t keep quiet. If there’s an IPO, he will spill it out quickly. Bessent is the guy preventing the up listing
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Fannie Mae has updated their website to include a “NYSE Listed Company Manual” dated: 1/6/2026 $FNMA $FMCC
fanniemae.com/media/56566/di…
Shareholders seem to be on the precipice of major developments, including potential up-listing…. Tick Tock, Tick Tock

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Haven’t seen much talk about that @BillAckman uses the exact same law firm that was hired to advise on $fnma $fmcc coming out party. Sullivan and Cromwell
x.com/BillAckman/sta…
sullcrom.com/About/News-and…
sullcrom.com/About/News-and…
reuters.com/legal/transact…
investor.howardhughes.com/news-releases/…
Bill Ackman@BillAckman
S&C is our go-to law firm. Their principled approach here makes me want to send them more business. You should too.
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@RepJeffries Says the party who only cares about illegals and criminals.
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