Steve is the founder of George & Ketron. Recently, the firm decide to issue an IPO with Steve retaining 30 percent ownership of the firm. The IPO agreement contained both a Green Shoe provision and a 6-month lockup agreement. Steves cost basis per share is $15. The offering price for the IPO was $16. On the first day trading, the market price per share rose is valued at $15.40 share. Explain who benefited the most during the lockup period, an outside investor or Steve, and why?