The typical company that lived on warrant paper lost value. The typical company that never touched it gained.
Same companies at both ends of the years on record, valued by the public float each one filed on its own annual report cover. Split by how many of their filings carried heavy warrant terms — price resets, inducements, cashless exercise, equity lines. The more of that paper a company filed, the more likely it was to end up worth less.
October 15, 2026: the dollar figure. From the same count: the 2,007 public companies whose shares fell, 2010–2026, lost $3.56 trillion in market value (public float as each company filed it). Companies that used warrants: $1.45 trillion. This counts only companies still filing at both ends and does not add the money investors put in along the way, so it is likely low. We are now reading every annual report back to 2001, from the filings themselves, to double-check this count and add the earlier years. Keep watching.
Correction — October 11, 2026.
Until today this page showed a running total of about $16.8 trillion as “what holders of the warrant-paper
companies that fell have lost.” That figure was wrong, and we have taken it down. Three reasons:
(1) some companies’ filings report their float in the wrong units, and our filter let many of those errors through,
which inflated every total (the starting value of the whole set came to $44 trillion, far above the real market);
(2) it added up only the companies that fell, while the companies that rose in the same group gained more; and
(3) it said “holders,” but public float includes funds and institutions, not just individual investors.
The figures below are recomputed with each company checked against its own other years, every exclusion counted,
and the typical (median) change shown, which one bad number cannot swing. The earlier figures remain viewable from
the counter at
?screw_v1=1 for anyone who wants to compare.
Public float lost by the heavy-warrant companies that fell
$—
Read this with the numbers
A change in market value. The table shows the paper and the fall travelling together, company by
company; it does not by itself prove one caused the other, and it never says why. Public float is not
the same as what individual investors hold. Companies that stopped filing (bankrupt, deregistered) have no
latest figure and are not counted, so the worst outcomes are missing. Where the money went is answered deal by
deal, on each company’s page —
nothing on this page says any company or any person did anything wrong.