[joschmo]

You've astutely noted the difference between what people think is happening in a direct listing and what actually happens.

People think founders are sticking it to Wall Street. In reality, the exact same mechanics are playing out with an IPO but without any downside protection for the company.

[cracker_jacks]

> The NYSE now offers companies the option to raise money in a direct listing after the U.S. Securities and Exchange Commission approved it in December.

Doesn't the new NYSE listing format 'stick it to wall st' or at least institutions that get early access to IPOs?

[nitrogen]

I think they're saying that the late-stage private investors are the ones who get the early access.