Secondaries Seize Up
Public market woes continue to bleed into startup-land as big name secondaries like Stripe tumble as much as 40% from highs earlier in the year. In the first quarter of this year, secondary market broker Forge processed 596 trades, down 61% form the same period in 2021.
“There’s a disconnect between what the buyers are willing to buy at and what the sellers are willing to sell at.” - Forge Chief Operating Officer Jose Cobos
There seems to be a bit of a standoff happening as buyers and sellers wait to see who will concede. Sellers are having a hard time coming to terms with the market and are looking at offers that would have been nothing short of disrespectful a few months ago. Meanwhile, big buyers are waiting on the sidelines to see where things land before they make their move.
Check out the full article here by Mark Matousek at The Information.