SecondMarket To Launch IPO Lock-Up Shares Marketplace

Comments Off on SecondMarket To Launch IPO Lock-Up Shares Marketplace

SecondMarket CEO Barry Silbert wants to completely disrupt the financial industry.

Wall Street should be wary of this financial startup that is trying to bring the financial industry upside-down.

New York City-based SecondMarket’s 14,000 participants manage over $1 trillion in investable assets and include global financial institutions, hedge funds, private equity firms, corporations (Facebook, LinkedIn, Zynga…) and high net worth individuals.

At the AlwaysOn Summit at Stanford today, SecondMarket CEO and Founder Barry Silbert unveiled his company’s plan to launch a marketplace to buy and sell IPO Lock-Up Shares.

“When a company goes public you have 6 months of a lock up [when you can’t sell your shares],” Silbert said. Adding that banks hated his idea because they control those shareholders for 6 months and “they extract every last penny out of these transactions.”

Silbert also told the audience of entrepreneurs and investors how he finds new market ideas.

“If they [the banks] puke all over the table, we know that is the market that we want to get into because they’re making so much money off of the spread and the opacity that we know we can completely disintermediate that market.”

It’s getting personal!

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