"That's the question now that I think we see for secondaries, which is like, is Stripe or SpaceX or OpenAI a private company or a public company? Because it trades on a liquidity basis as if it's a public company. Aren't we sort of seeing that same decision play out where the

Iron Man is DEAD but [trading places] #2 is ALIVE! come watch our very bad podcast on VC #secondary before Thanos makes half of all broken unicorns disappear. this week on [trading places] with Dave McClure @amanverjee: •⁠ ⁠Mark Suster 5️⃣rules for buying secondary •⁠

ep.2 of [trading places]: mark suster says top quartile vc = 2.5x net. so why do decks still promise 10x? Dave McClure & Aman Verjee ask the dumb q nobody else will.

Source: Klarna and some shareholders raised $1.37B in a US IPO that was more than 20x oversubscribed, selling 34.3M shares at $40 each, above the marketed range (@anthug / Bloomberg) bloomberg.com/news/articles/… techmeme.com/250909/p56#a25… 📫 Subscribe: techmeme.com/newsletter?fro…

Mati Staniszewski co-founder ElevenLabs: Why We Always Include #Secondaries youtube.com/shorts/MiphXiJ… via The Twenty Minute VC I hope more startup CEOs are courageous enough to follow this model in future — if startup employees share the risks, they should also share the rewards.

Kraken opens trading of 60+ tokenized US securities to its EU users, powered by Backed Finance's xStocks; rwa.xyz says tokenized shares' market value is ~$421M (Emily Nicolle / Bloomberg) bloomberg.com/news/articles/… techmeme.com/250910/p18#a25…

Sequoia Capital's investment in Klarna is poised to generate a paper gain of about $2.65 billion, marking a significant return for the firm's two-decade backing of the buy now, pay later lender. Read more: bit.ly/4phIR4K

LP = the money GP = the decisions and if it all goes to hell, only one gets sued harvard prof + practical VC gp Aman Verjee explains the LP/GP dynamic on [trading places] with Dave McClure follow for more fundamentals and everything you need to know about VC and trading

falcon 9 cut launch costs by 90%. starship cuts them again. now la is the accidental spaceship hub. asteroid mining, orbital pharma, space cops… Mark Suster joins Dave McClure on [trading places] ep 2.