I think the initial spike was based on the product having no...

I think the initial spike was based on the product having no major competition, and Megaport dominating the market. The realisation is now setting that the like of Telstra are posing real competition, as will telcos and others in the US, Asia, and EU.

I don't think that's the whole story but I'm sure that's spooking some retail investors.

Remember that Slattery has around 40-50% of shares in this co, he's also moved back to Superloop (SLC) as CEO. So I'm pretty confident the recent fall has been from Slattery either taking profits (over triple his initial holding), tidying up the trust, or moving into another of his companies for another reason.

For a fall from 3.60 to 1.80 logic would dictate that it has something to do with the guys that holds half the shares...