> 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.
That's part of the problem though, this is kind of a no-trust transaction to start with since it's inherently fraudulent. As Matt Levine said this morning:
'Also, just, consider the situation here. I come to you and say “hey I have some Anthropic shares, I can’t sell them now but I’ll sell you a forward on them.” You say “isn't that not allowed?” I say “oh sure it’s not allowed but I am a rebel, I’m not bound by those pesky rules.” You’re like “okay I guess” and give me money, now, for shares in the future. How do you know I even have the shares in the first place? What if I’m just lying? You already know that I am willing to break some rules; what if I’m breaking the rules against fraud?'
I don't even think you could buy hedges or insurance against this counterparty risk, because Anthropic could probably get those voided in court too.
If you're afraid of buying derivatives from a trustworthy party that may have contractual obligations with Anthropic, but them from a trustworthy party that doesn't. If they expected a $100 post-IPO price one year from now, they'd short-sell you a derivative for $200 or whatever. Derivatives are legal, and as ethical as anything else in finance (more ethical than just about all crypto.)
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?
> We are aware of individuals or investment firms offering access to Anthropic financing rounds, or offering to purchase your Anthropic shares in violation of our transfer restrictions. To be clear, the following firms are not authorized to buy or sell Anthropic shares:
> 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.
That's part of the problem though, this is kind of a no-trust transaction to start with since it's inherently fraudulent. As Matt Levine said this morning:
'Also, just, consider the situation here. I come to you and say “hey I have some Anthropic shares, I can’t sell them now but I’ll sell you a forward on them.” You say “isn't that not allowed?” I say “oh sure it’s not allowed but I am a rebel, I’m not bound by those pesky rules.” You’re like “okay I guess” and give me money, now, for shares in the future. How do you know I even have the shares in the first place? What if I’m just lying? You already know that I am willing to break some rules; what if I’m breaking the rules against fraud?'
I don't even think you could buy hedges or insurance against this counterparty risk, because Anthropic could probably get those voided in court too.
If you're afraid of buying derivatives from a trustworthy party that may have contractual obligations with Anthropic, but them from a trustworthy party that doesn't. If they expected a $100 post-IPO price one year from now, they'd short-sell you a derivative for $200 or whatever. Derivatives are legal, and as ethical as anything else in finance (more ethical than just about all crypto.)
Stripe publishes a very similar doc: https://support.stripe.com/questions/stripe-shares-or-stock-...
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?
How would that all play out?
They mention Hiive specifically.
> We are aware of individuals or investment firms offering access to Anthropic financing rounds, or offering to purchase your Anthropic shares in violation of our transfer restrictions. To be clear, the following firms are not authorized to buy or sell Anthropic shares:
Open Door Partners
Unicorns Exchange
Pachamama
Lionheart Ventures
Hiive (new offerings)
Forge (new offerings)
Sydecar
Upmarket