> Both our preferred stock and common stock are subject to transfer restrictions contained in our bylaws. Any sale or transfer of Anthropic stock, or any interest in Anthropic stock, that has not been approved by our Board of Directors is void and will not be recognized on our books and records. This means that if someone purports to sell Anthropic shares without proper board approval, that transaction is invalid. The purported buyer would not be recognized as a stockholder of Anthropic and you would have no stockholder rights.
If you trust the other party, you can always write a derivative contract. If the other party was long, their position is closed. If they weren't, they're short now.
So all these sites like EquityZen or Forge Global or Hiive etc. who sold "shares" in these companies through SPVs are now going to lose their customer's money?
these policies hurt employees (at least US taxed ones, other countries only tax at liquidity events).
Large insiders (founders, investors et al), still get to unload their shares (i.e. to future investors), while employees who might have worked for the company for years and accumulated options (or sometimes unsellable RSUs) due to the company not being public get hit with large tax hits either at the same of vesting (for RSUs, but at least that's somewhat manageable) or at the time of leaving the company (due to the need to buy one's shares within 90 days or lose them and then be hit with a tax on the delta).
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[ 3.8 ms ] story [ 21.4 ms ] threadHow would that all play out?
Large insiders (founders, investors et al), still get to unload their shares (i.e. to future investors), while employees who might have worked for the company for years and accumulated options (or sometimes unsellable RSUs) due to the company not being public get hit with large tax hits either at the same of vesting (for RSUs, but at least that's somewhat manageable) or at the time of leaving the company (due to the need to buy one's shares within 90 days or lose them and then be hit with a tax on the delta).