Earlier quoted context omitted.
what is "linear"? [ edit : thanks below! ]
https://linear.app/ He's the CEO "of" Linear, not a linear CEO :)
Or to CS folks, a CEO(n)
Carta to exit secondary trading business
71–80 of 117 posts
Re: Carta to exit secondary trading business
#72This is the best response, but remember it's a response to getting caught. They didn't grow a conscience or replace leadership. My company is still taking our business away from Carta, and I don't think anyone's plans should change because they repented after being caught. Things might be different if the CEO stepped down, but he hasn't yet.
And then oops we'll change our mind again in 6 months because it was only $3m/yr revenue we lopped off. Especially as investor interest grows with falling fed rates. By the way, to VCs who want to invest in Carta: look it's only $3m/yr, we're saving so much brand by doing this and it's not going to hurt our valuation at all. You should probably value us like an OpenAI, we're capturing the light cone of cap table info!
Re: Carta to exit secondary trading business
#73Re: Carta to exit secondary trading business
#74This is the best response, but remember it's a response to getting caught. They didn't grow a conscience or replace leadership. My company is still taking our business away from Carta, and I don't think anyone's plans should change because they repented after being caught. Things might be different if the CEO stepped down, but he hasn't yet.
A quick search shows me a number of alternatives to Carta, but none that I have ever heard of or come across. Is there any competitor that is considered the second best? Carta just seems to me what everyone had been using without a second thought.
Shareworks, Scwhab
Re: Carta to exit secondary trading business
#75I’m CEO of Linear who raised the alarm on this. I have to commend them for making this decision and removing the conflict of interest. However they didn’t address the fact that sales people had convenient access to data and how long & broadly that access was abused. Edit: fixed “Linear CEO” to “CEO of Linear”
How was the beef stew?
Re: Carta to exit secondary trading business
#76I do not understand why these have to be done through Medium posts.
Presumably to make it difficult for any prospective customers to find. Anyone already in the know can rest assured “things have changed” because they’ve been following the news cycle and will readily find the relevant tweets and medium posts. That in theory cause this all to fall out if the spotlight.
Any future unwitting potential customer who didn’t think to search for the current CEOs personal medium account to find a damming scandal about the company will be none the wiser.
Re: Carta to exit secondary trading business
#77Re: Carta to exit secondary trading business
#78I run a competitive product if anyone wants an honest run good business alternative
what
Re: Carta to exit secondary trading business
#79Separate of what did or didn’t happen here, I hope more companies crack the secondary market puzzle. The current environment really sucks for startup employee liquidity and might be going on for a lot longer.
> I hope more companies crack the secondary market puzzle. This feels like the wrong solution. I mean, the reason we need a secondary market is because companies are going public much later than the used to. Why? Because the government made it a lot more onerous to go public. Why? Because companies were abusing the process to enrich insiders. If we make the secondary market easier, we'll just be right back where we w…
And insiders found ways to enrich themselves even while working with the onerous process. Remember the SPAC craze?
Another example of where the honest people get penalized with a heavy process in the name of zero fraud.
Re: Carta to exit secondary trading business
#80To be honest this still seems off. If Carta shows respect for your data and privacy I believe they could still offer an opt-in secondary market, and I can see plenty of companies being interested in participating in it. No one was complaining about the secondary market, they were complaining that Carta was double dipping with their data without consent. This whole post feels like he's just trying to move the goalpost…
The comments ITT are a great example of why it’s often a good idea to ignore complaints and do whatever you want anyway. The behaviour that conventionally would be used to build trust, like admitting when you’re wrong and changing what you’re doing (in this case, shutting down an entire division of your company) is simple met with “no not good enough, you were wrong and should be punished more”.