I can see why illiquidity is a feature in startup equity. The noise of constant price action combined with the actual volatility of a startup would be so unproductive

yeah, experienced a version of it when twilio went public.

difficult and unnatural for employees to understand the lag and lack of correlation between effort, results and market price, which is often years.

the more irrational the market the worse it is.

sorta related, the long term stock exchange was made to solve for this stuff but hasn’t really taken off.

building • prev manifold.xyz, twilio.com

sorta related, the long term stock exchange was made to solve for this stuff but hasn’t really taken off.

https://ltse.com/listings/listing-standards