No, that's my point. The outstanding shares will more than double. Look, if the govt exercises warrants, it will be new issue of stock, not from outstanding float. That means massive dilution.
It would take a about 1.4 billion or so (off the top of my head) new shares of stock to be issued by FNMA to the government to allow them to
Own a 80% stake. Those shares won't be coming out of the hands of current owners. Think about it.
At any rate, 25$ isn't too shabby.
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