). The fund owns shares in hot tech startups like the payments firm Stripe, the rocket maker SpaceX and the artificial intelligence company OpenAI.
, just as the buying and selling of such shares has grown bigger than ever. At its center is an age-old debate: Should everyone have access to the riches and risks of investing in Silicon Valley startups? And funds like Destiny have appeared. Destiny is among the only options for retail investors, since most other funds and marketplaces are restricted to “accredited” investors with high incomes or net worth.
At Augment, which opened last year, investors interested in owning shares in Stripe can peruse four “sell orders,” or people trying to sell Stripe shares. Augment did more than $20 million of transactions in March, Moldvai said. In the aftermath, startups tried restricting sales of their stock. But middlemen including Forge Global, then known as Equidate, found ways around it. They popularized “forward contracts,” which paid startup employees cash if they pledged to transfer their company shares to an investor in the future.
Even though companies historically resisted the trading of their private stock, more are coming around to the idea, Rodriques said.A Time of Destiny? Both companies have bristled at Destiny’s claim to the shares. Such deals would violate its rules, Plaid said in a statement last month, and it “does not recognize shares acquired in this manner.”
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