[JumpCrisscross]

> Secondaries - shares sold by employees or early investors - can be sold at any time, at fair market value

This is a consistently under-appreciated part of modern venture markets. (Disclaimer: it's also one I'm involved with.)

Spotify did $16 to 20 billion of private secondaries in just the first month and a half of 2018 [1]. This gave shareholders public-like liquidity, reducing pressure on management. It also gave public investors years of price history.

[1] https://www.sec.gov/Archives/edgar/data/1639920/000119312518... page 170

[rayhano]

Amazing, thanks for sharing. It may also be because they had some many rounds in private that other ‘non-Unicorns’ might not have the luxury of.