Silicon Valley's top VCs are convening a special 'summit' after recent IPO failures
- Silicon Valley investors and executives are holding a big summit to explore alternatives to Wall Street's system for initial public offerings, Bloomberg reported Tuesday.
- The summit will examine the system in place for IPOs which is based largely on rules set by the financial industry and run largely by underwriters.
- The gathering will look into alternative processes, including the use of direct listings based on cutting-edge software algorithms.
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Prominent Silicon Valley investors and executives, fed up with recent initial public offering fumbles, are holding a big meeting to explore alternatives to Wall Street-style IPOs, a Bloomberg report said Tuesday.
The Silicon Valley summit feature major venture capitalists, executives and other leading tech figures, including author Michael Lewis, will examine the prevailing system for IPOs which is based largely on rules set by the financial industry and dominated by underwriters.
The gathering will explore alternative systems, including the use of direct listings based on cutting-edge software algorithms.
"I'm not anti-banker, I'm pro-algorithm," Bill Gurley, general partner at Benchmark, a venture capital firm, and one of the summit organizers, said in the report.
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