I suspect part of the reaction is market worries that TPG just did a selldown recently, and that CEO might want to sell too, and that TPG might sell their remaining 32% in a hurry. But barring any surprise - TPG might be holding off for now - until confidence returns, if they did have those plans.
I think the perfect market conspiracy theory event would have been (in counterfactual) TPG selling the rest, and then the CEO announcing his resignation, while a buyback was going on, or a huge dividend coming. Since that has not happened, I feel quite confident that this will drift back to where it came from.
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