David Rosenthal: uncertainty

Transcript context

…Yes. How does that work? I don’t know exactly. I don’t know if it mirrors—I think about like a venture capital fund life cycle. Usually, it’s a 10-year life cycle and then you have two 1-year extensions. I don’t know actually if employee option contracts mirror that. But also, at a minimum, think back to Sequoia, their fund that they invested in Airbnb must have been a 2006, 2007 vintage fund. You’re now over 10 years into that fund. You’ve definitely got shareholders looking for liquidity on the investor side, but you also have these employees that have some form of expiring options or, at the very least, if you try and restructure that then there are tax implications.…

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