All-In with Chamath, Jason, Sacks & Friedberg E29: Coinbase goes public, direct listings vs. IPOs, portfolio management, unions & more with Bestie Guestie Brad Gerstner
Apr 17, 2021
Brad Gerstner, CEO of Altimeter Capital, joins the conversation to explore the world of finance and investment. They delve into Coinbase's groundbreaking direct listing, weighing its pros and cons against traditional IPOs. The team discusses California's political landscape, tackling accountability within teachers' unions and pandemic policies. Humorously, they highlight media bias in covering political figures while dissecting the ongoing unionization efforts at Amazon. Ultimately, their banter leaves an insightful mark on the intersection of economics and workforce dynamics.
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Coinbase Direct Listing Profits
- David Sacks profited from Coinbase's direct listing, receiving a large Ribbit Capital distribution.
- He realized selling immediately maximizes gains, unlike his gradual Slack distribution.
Lockup Periods and Direct Listings
- Lockup periods unfairly penalize long-term employees while rewarding late-stage investors.
- Distribute shares right after a direct listing to maximize immediate gains.
Grab's Open Public Offering
- Brad Gerstner's firm, Altimeter, prioritized an open, unlocked structure for Grab's public offering.
- This allowed employees and early shareholders to sell shares on day one, leading to fairer price discovery.