This is apparently only 1.5% of his holdings. [1]
[1] https://www.coindesk.com/coinbase-ceo-sold-291-8m-in-shares-...
In a direct listing they have to sell, otherwise there would not be any shares on the market.
So what ? Id sell some part too if I was overnight a centimilionnaire.
What am i supposed to do with this info ?
One aspect of Coinbase I find interesting:
Without the distorting action of governments printing money, interest rates might be set by market forces inside "crypto land".
This might lead to a long term situation where artificially low interest rates are paid in government controlled currencies, but market prices are paid in crypto currencies.
If this leads to a mass adoption of crypto-lending, then Coinbase might be where people hold their funds. Because it is even more complicated to stake coins than it is to just hold coins.
Are there any forums on the internet where a serious discussion about these types of topics can be held?
Do I understand it correctly, that the DPO did not put any money into the company?
If so, it was a pure "Here, we built something valuable. You can have it now if you pay enough" kind of deal with the investors?
Somehow this type of transaction always makes me feel a bit strange about the value of a company. Not sure if this is a rational thing or not. I think "Why did they bring it to the market at all?". What is the rationale for taking a profitable company that does not need additional funding public?
How much is YC worth at this point, it’s crazy how many of the businesses they sponsor end up pre-eminent in their sector despite huge competition.
Good for him IMHO. Anyone in here know how capital gains work with that kind of sale? Would he be taxed on the full amount?
That is how a direct listing works.
Too bad HN users hated on him in 2012 when looking for a co-founder instead of having an open mind.
What percentage of his total shares is this?
Is that normally possible/allowed? What about the lockup period, doesn't that apply for 6 months?
Good for him. Paper wealth is not real wealth if markets change and valuations drop. Glad he put something in the bank. Founders deserve a win.
why is this news and getting upvotes? it was 1.5% of his stake. People here really want to FUD anything crypto related in any way possible
this is good for binance
It was a direct listing. If insiders didn't sell their shares, there wouldn't be any to trade. He sold a very small fraction of his overall holdings.