RE:RE:Partners Must Want This AdjustmentAgree a large % of institutional ownership is much more preferable than retail ownership.
Caveat: Institutional owners (mutual funds, private wealth managers, etc.) are not obligated to hold onto their position, and I suspect they too will be watching TLG's progress. Actively-managed fund / wealth managers can and do sell part, most, or sometimes their entire position in a company for a variety of reasons, usually leading to a drop (perhaps temporary?) in the share price.
That said, if we nonetheless make the assumption that institutions and insiders will hold onto all their shares right up to first pour, it will be that 20% or so of retail investors that will determine the ups and downs of the share price as we move forward (as well as the magnitude of those ups and downs). While those participating on this BB may be buy and hold TLG investors, you can bet there will be lots of retailer investors who will be short-term speculators in and out of this stock, others who become impatient and sell when there's a lull in the news or if the company does not meet expectations, sell after a disappointing PR that for example, states there will be a delay in meeting X target date for Y reason, etc.
20% of 277M shares is just over 55M shares in the hands of retail investors, and on most trading days, it will be a portion of those 55M shares traded each day that will determine in which direction and by how much the share price moves.