Comment by piker

I'm not sure deliberate manipulation per se, but the market would be warped by a single participant that owned 4% of the aggregate market. This is especially true if that participant didn't adhere to the normal holding periods and purchasing rationale as the remainder of the market participants. Consider that market manipulation concerns are (some of) the reasons significant holders (>= 5%) of even extremely liquid public companies are required to publicly report ownership and ownership changes.