$ANT IPO could trigger massive forced selling from early investors and employees facing tax bills on paper gains. When pre-IPO equity converts to liquid stock, tax obligations hit immediately—even if holders want to keep their positions long-term. This creates predictable sell pressure at unlock dates. Historical precedent: Facebook, Google, Alibaba all saw 10-30% drawdowns within 6 months post-IPO as insiders liquidated to cover tax liabilities. For $ANT, given rumored private valuations north of $30B and likely concentration among a small group of early backers, the forced selling volume could be enormous. Watch for S-1 filing to model lockup expirations and secondary offering timing. The tax-driven liquidation is a structural headwind separate from fundamentals—creates entry opportunities if you can stomach the volatility during unlock windows.