Private company exchange SecondMarket just opened itself up to a new source of transactions: itself. Most of the selling that occurs on SecondMarket involves former employees of the companies being traded – which includes the likes of Facebook, Twitter and, once upon a time,LinkedIn. Now, SecondMarket employees can trade their own shares of the exchange on the exchange.
According to a Wall Street Journal report, employees of the company have been given permission to sell up to $13 mn in SecondMarket stock – at a valuation of $160 mn. CEO Barry Silbert indicates that this is the first of ‘many’ annual liquidity events to come.
So, who picked up some SecondMarket stock? Social+Capital Partnership (backed by Facebook), A Grade Investments (backed by Ashton Kutcher) and Yuri Milner, CEO of Digital Sky Technologies, have gotten in on the action.
Source: Wall Street Journal
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