  We use transient absorption spectroscopy with circularly polarized x-rays to
detect laser-excited hole states below the Fermi level and compare their
dynamics with that of unoccupied states above the Fermi level in ferromagnetic
[Co/Pd] multilayers. While below the Fermi level an instantaneous and
significantly stronger demagnetization is observed, above the Fermi level the
demagnetization is delayed by 35+/-10 fs. This provides a direct visualization
of how ultrafast demagnetization proceeds via initial spin-flip scattering of
laser-excited holes to the subsequent formation of spin waves.
