[gonehome]

The counter argument in favor of direct listing: https://podcasts.apple.com/us/podcast/invest-like-the-best/i...

I’m not sure anyone is arguing SPACs are a better idea for the private company?

SPACs can offer some certainty in what may be an uncertain market, but their entire point is that the SPAC creator is selling this certainty by finding an undervalued company they can take over on the cheap. I think a SPAC is a really bad way to go public unless you’re someone like Nikola where your company is basically a fraud ripping off the SPAC, in that case probably a good way to go for the founder.

I’m still skeptical of the a16z arguments defending the IPO pop. When you have banks doing lots of transactions and founders doing only one or two the transactions will likely be skewed to benefit the banks along with a really compelling narrative of why they’re not.

The simpler answer seems more likely here, I think Matt Levine is probably more correct.

https://www.bloomberg.com/opinion/articles/2020-08-06/it-s-a...

[bobbylcraig]

I've always been confused by DPOs. Isn't it essentially a money-grab by initial investors waiting to cash out if you don't need the capital infused by the IPO?

[gonehome]

It gives liquidity to employees as well as initial investors and it gives the public the ability to buy shares.

[unishark]

Theoretically you still get the capital, assuming you can sell the stock well enough yourself. A DPO just avoids paying the million(s) to an underwriter.