I think no strict rules on free float of shares.  What is more important is the value of the shares.  I think most big guns look at least at the future growth of the company.  They already have so much money, the immediate has no impact on the finances, so the future growth is more important. I heard they made their weath from investing in relatively unknown stocks that eventually showed big potentials and growth, multiplying the value of their shareholdings not in terms of quantity but in worth (quality).  If you invested in just 2000 shares in Google when it was below US$30 per share, many many years back, you would have reaped more than US$1.8 million when the shares peaked around US$900 or more with splits, dividends and bonuses.  There are also many examples of unknown shares risen thousands of times their original value so that is why we have so many super duper rich people in US who made it from Wall St.

They are all 12 months (down the road) TP...  not today nor tomorrow. So you can only tell them that they are wrong the day comes. But you can be sure that there will adjustment along the way as fundamental changes e.g. a bad quarter, a cancelled order etc etc.

Don't read too much into TP.