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Public float or free float represents the portion of shares of a corporation that are in the hands of public investors as opposed to locked-in stock held by promoters, company officers, controlling-interest investors, or government. This number is sometimes seen as a better way of calculating market capitalization because it provides a more accurate reflection (than entire market capitalization) of what public investors consider the company to be worth.
In this context, the float may refer to all the shares outstanding that can be publicly traded.

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