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E29: Coinbase goes public, direct listings vs. IPOs, portfolio management, unions & more with Bestie Guestie Brad Gerstner
All-In with Chamath, Jason, Sacks & Friedberg
The Economics of a Traditional IPAA
In a traditional ipo, let's say you have a ten billion dollar enterprise value raising a billion dollars. If it's being under price, he would argue, structurally by forty %. We can all debate that, but that's 400 million dollars of delusion to employees and existing shareholders. And so we've thought about it like a product, and weve buildin a capital markets business that says, part of it, right? Part of it is getting a fairer price, but part of it is curating that day one cap table because these companies are stepping into the public markets.
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