I think the issue with CDM is that there is now a mismatch...

I think the issue with CDM is that there is now a mismatch between the type of fund it markets itself to be, and the investors that signed up to that, vs the fund it has become right now with a massive stake in TMC and wanting to retain that.

I feel like retaining a huge stake in TMC is more like the operation of a venture capital fund like masa's vision fund that takes big, long term high stakes bets on companies that could multibag a lot, but could also come crashing down and permanently destroy wealth like its investment in WeWork.

It's okay if you want to run that kind of venture capital kind of strategy, but you need to be clear about your strategy and ensure you have the right investors behind you who understand the risks and won't riot when things get tough because they did not understand what they signed up to.