Destiny (D/XYZ) and the Buzz Around Public Access to Private Companies | E1933
This Week in Startups
Jason Calacanis
4.2 • 1.4K Ratings
🗓️ 17 April 2024
⏱️ 44 minutes
🧾️ Download transcript
Summary
This Week in Startups is brought to you by…
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Todays show:
Sohail Prasad joins Jason to discuss Destiny Tech 100 and why it was created (3:46), comparing the market cap to the actual holdings and the pent-up demand (11:35), how Destiny acquires the shares and how they manage both positive and negative reactions (26:49), and more!
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Timestamps:
(0:00) Sohail Prasad of Destiny (D/XYZ) joins Jason.
(3:46) Breaking down Destiny Tech 100 and why it was created.
(5:20) What is a closed-end fund and how does it fit into the ecosystem?
(8:37) The DIY approach used to bring this to the market.
(9:33) Squarespace - Use offer code TWIST to save 10% off your first purchase of a website or domain at http://www.Squarespace.com/TWIST
(10:54) How Destiny Tech 100 works as a direct listing.
(11:35) Comparing the market cap to the actual holdings and the pent-up demand.
(14:46) Looking at how Sohail and the company make their profits and why he does this instead of gathering higher carry.
(18:52) Vanta - Get $1000 off your SOC 2 at http://www.vanta.com/twist
(22:05) The concerns of the swinging nature of the stock price and the long-term view.
(26:49) How Destiny acquires the shares and how they manage both positive and negative reactions. (30:26) Equinix - Join the Equinix Startup Program for up to $100K in credits and much more at https://deploy.equinix.com/startups
(34:10) Destiny’s access to financials for companies in their portfolio. (35:51) Strategy behind exits for the fund and companies that then go public. (43:13) The size of the team needed to run Dest
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Check out Destiny (D/XYZ): https://destiny.xyz/
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Follow Sohail:
X: https://twitter.com/sohailprasad
LinkedIn: https://www.linkedin.com/in/sohailprasad/
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LinkedIn: https://www.linkedin.com/in/jasoncalacanis
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Thank you to our partners:
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(18:52) Vanta - Get $1000 off your SOC 2 at http://www.vanta.com/twist (30:26) Equinix - Join the Equinix Startup Program for up to $100K in credits and much more at https://deploy.equinix.com/startups
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Great 2023 interviews: Steve Huffman, Brian Chesky, Aaron Levie, Sophia Amoruso, Reid Hoffman, Frank Slootman, Billy McFarland
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Transcript
Click on a timestamp to play from that location
| 0:00.0 | So I guess that would make one wonder why do this when you could create a private fund with these private |
| 0:08.3 | individuals and take 20% carry if you had the 20% gain or even a 10% gain on a hundred million if that does turn into a billion dollars and shares |
| 0:16.7 | You would get 10% of the 900 million gain to be 90 million dollars. So why go through all this to not get carried? |
| 0:23.4 | And going through the process to actually bring this to market, I was reminded of that fact |
| 0:28.2 | many times because it hasn't been an easy journey with, you know, the regulatory process |
| 0:32.3 | with all the nuance of running a |
| 0:34.0 | registered fund and now a publicly traded fund we take on a lot more overhead |
| 0:39.7 | than your average private fund or private VC I less reward. In terms of why we did this, |
| 0:46.3 | I'm a little stubborn but I really wanted to see this exist in the world. |
| 0:52.0 | This week in startups is brought to you by |
| 0:54.4 | Square Space. Turn your idea into a new website. Go to Square Space |
| 1:00.0 | dot com slash twist for a free trial. When you're ready to launch use offer code |
| 1:05.4 | twist to save 10% off your first purchase of a website or domain. |
| 1:10.3 | Vanta. Compliance and security shouldn't be a dealbreaker for startups to win new business. |
| 1:17.0 | Vanta makes it easy for companies to get a stock to report fast. |
| 1:22.0 | Twist listeners can get $ thousand dollars off for a limited time |
| 1:26.1 | at vanta.com slash twist and the equinix startup program offers a hybrid infrastructure solution for startups, including up to $100,000 in credits and personalized consultations and guidance from the Equinix team. |
| 1:43.6 | Go to Equinix startups.com to apply today. |
| 1:47.4 | All right, welcome back to this weekend. |
| 1:48.8 | Startups today, we're going to talk about pre-IPO tech companies. |
| 1:53.4 | Everybody is interested in owning |
| 1:55.2 | tech companies before they go public. |
... |
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