All good buford - I agree with a lot of your theory here, but I'm not so sure about the 650Mil. If I was guessing how many PUMA has accumulated by themselves, I'd guess around 157M, which is still enough to be listed as 5% owner.
I say this because PUMA didn't appear on L2 and take control until October 2022. From Oct 2022 thru current, we've traded a total of roughly 629M shares, and I believe they've (PUMA) held on to about 25% of that, which is just over 157M shares... We also have to keep in mind that while PUMA has been responsible for more than 25% of total volume from Oct-current, they've also been selling a decent amount to ensure that we remain in this ridiculously undervalued channel.
That said, as I mentioned in previous post, if the client has more than just PUMA filling their order (maybe INTL, PAUL), that number could be much higher than 157M.
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