If the government just exercises the warrants, it would still raise over $100 billion. The SPS conversion would raise only about $25 billion more - but could cause problems, such as subscribers to the new shares holding back on the IPO.
That's a fallacy.
In every restructuring scenario, none of the new subscribers have ever gave two jits on how much legacy holders retained.
Last but not least, the MORE money new capital is contributing, the larger the slice of the pie they could ask for relative to how much money they're putting in.
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