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E146: Did the Fed break the VC model? Plus IPOs, M&A, revaluing unicorns & more
All-In with Chamath, Jason, Sacks & Friedberg
The Issues with American IPOs: Low Float, No Anchors, and No Lock-up
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In Europe and Asia, a small percentage of companies are sold to a few individuals, resulting in a six-month lock-up period. American IPOs have attempted direct listings and SPACs due to issues with IPO architecture favoring bankers. In three recent IPOs, less than 10% of the company was made available for sale, spread among numerous organizations, and there was no lock-up period, allowing immediate selling.
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