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Circle Employees Miss $3 Billion in Unrealized Profits Due to IPO Strategy
Circle Employees Miss $3 Billion in Unrealized Profits Due to IPO Strategy
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Circle insiders sold 14.4 million shares at $31 each during its IPO, netting $446 million. Those shares WOULD now be worth $3.45 billion at current prices—leaving nearly $3 billion on the table.
Chamath Palihapitiya criticized the traditional IPO route, arguing it transferred wealth from Circle's employees to unknown investors. "A $3 billion gift from the employees of Circle to people they don’t know," he said.
Alternative approaches like SPAC mergers or direct listings could have preserved value for early stakeholders. These methods offer greater control over pricing and disclosures, aligning incentives with those who built the company.
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