• dhork@lemmy.world
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    9 months ago

    Steve Huffman sold 500,000 shares as part of the ipo, so they were some of the shares sold immediately before they opened on the market (at the about $30/share price).

    I suspected as much. I got the invite too, and thought about putting some money in. But I didn’t want to risk the chance of being King Steven’s exit liquidity, even if I could make some money on it, so I passed.

    • Ranvier@sopuli.xyz
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      9 months ago

      I wouldn’t have wanted to buy anything either. It’s actually slightly more progressive than most ipo’s in that sense though since it offered a chance to buy shares directly, but that’s not really saying much. A true public offering would allow anyone to place orders as a part of the initial sale. Usually just large financial institutions have the chance and then the price is very inflated by the time most retail traders would be allowed to buy. If we really want to help the rampant wealth inequality in the economy too, there should me some mandated equity that goes to employees whose labor built the company so everyone, and not just the board and a few venture capitalists, can profit from the stock sales. Which I guess is a roundabout way of saying workers should own the means of production. It doesn’t make sense to reward only so few for the work and ideas of so many individuals. And I think it’s a huge inefficiency in the economy that is detrimental no matter your view point (unless you’re a billionaire company founder who doesn’t care about the country, economy, or world as a whole I guess).

      • dhork@lemmy.world
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        9 months ago

        I believe the employees got taken care of here, at least the ones that worked for them directly and stuck it out. Equity compensation is such a key part of Silicon Valley culture that they probably couldn’t even hire devs straight out of college without offering them some stock.

        • Ranvier@sopuli.xyz
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          9 months ago

          I agree, tech companies are better than most in providing equity as a part of compensation, even for lower level workers. I wish it were that way across the entire economy though.