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 44 days ago
 Source: businessinsider.com

A rumored $60 million trade of Airbnb shares signals reboot of secondary market for private securities

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A roughly $60 million block of private shares in Airbnb recent traded hands among institutional investors, sources have told Business Insider. The private securities market has grown rapidly in recent years as longer IPO runup periods encourage secondary market activity. A roughly $60 million block of stock in the struggling home-sharing giant Airbnb traded hands in recent weeks, according to two sources in the secondary market for private securities who were briefed on the trade. The proliferation of unicorns and lengthening runup periods to an IPO have driven dramatic growth in recent years in the trade of private securities. "The fourth quarter of 2019 and the first quarter of 2020 were incredibly busy," said Eric Folkemer, the head of Nasdaq Private Market, the exchange's private securities arm.

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