Steve is the founder of Jefferson & Co. Recently, the firm decided 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. Steve's cost basis per share is $15 The offering price for the IPO was $16. On the first day of trading, the market price per share rose to $28.20 and closed for the day at $25.60 Now, six months after the IPO release, the stock is valued at $15.40 a share Explain who benefited the most during the lockup period, an outside investor or Steve.