2 ms·
To be honest I didn't read the legislation. The interesting thing about FB and SecondMarket is FB agreed to allow that and probably approved each and every sale
by djb_hackernews 11y ago
To be honest I didn't read the legislation. The interesting thing about FB and SecondMarket is FB agreed to allow that and probably approved each and every sale. Since this system already works I can only imagine the legislation will make it either compulsory or painful to avoid.
The other interesting thing is the FB/SecondMarket situation did actually look like an investment round in the way that it set a share price and valuation. From what I remember SecondMarket set up weekly auctions for FB shares right up until the IPO and guess what the IPO did? Closed at the open.
There is no way to tell but I bet if the SecondMarket sales hadn't happened it would have done what most hot tech IPOs do, set an artificially low IPO price and cash in on the pop.