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Can we stop calling them “capital markets”? This SEC decision puts the last nail in the coffin of the historical purpose of public markets: a place where investors channel capital to companies that need capital. It’s all just a casino now. Common stock is just a chip.https://twitter.com/stacey_cunning/status/1298768176101109763 …
Can you elaborate on how direct listings push "capital markets" further into casino territory? Appreciate your views as always.
I would like to know as well. Thank you!
The company is not raising capital in a direct listing. Private shareholders in the company are selling their shares directly to you, typically the shares that do not have voting rights.
Thanks for your thoughts. We'll see whether companies that go public via direct listing have lower returns relative to traditional IPOs. That would separate the "I need to dump my shares" crowd from the "I actually want to raise capital" crowd.
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