When you say "Loyal shareholders with skin in the game should be...

When you say "Loyal shareholders with skin in the game should be rewarded."... it depends on your definition of 'Loyalty'.

Only flaw with that logic is that it doesn't take into account the varied share price history and long term holders who may have got in around the $7.50 days (it sat up around that or greater for over a year) and have then sat on 90% losses for years without divesting.... whereas someone jumping in with the same investment a few months ago is sitting on a 10-15x greater holding for the same investment.

If you are talking 'the loyalest' of holders, they are the folks who have sat through the SP implosion and 3years of pain... not someone who went in hard 6months ago after it had come off all time lows.

Now if you are talking 'astute investors' , well thats a different story... buying 6 months ago was definitely astute investing.... but putting in $50k 6 months ago does not make them MORE LOYAL than someone who put in $50k in mid-2021 and sat on a $45k loss for the last 3 years.