Thanks for this clear description. It feels like in this case they made a naked short out of fear but with a hedge. "As long as we don't lose more than 100M if

Thanks for this clear description. It feels like in this case they made a naked short out of fear but with a hedge. "As long as we don't lose more than 100M if it pops, we'd straddled the fence quite nicely. We make money either way and have some ability to protect people buying it at $45." They don't want to stop doing IPOs so this is the only perspective that makes sense to me.