SILICON VALLEY'S LATEST REVOLUTION: CUTTING OUT WALL STREET

WHEN SNAP WENT public last year, it sold 200 million shares; none of them carried any voting rights. When Spotify went public earlier this month, it raised no money. When members of the public bought shares in Uber in 2016, by buying into a Morgan Stanley vehicle named New Riders LP, they received no information about Uber’s income, expenses, or balance sheet, and had no assurances that the company was financially viable.

These are just the latest examples of a long-standing trend: If you’re a successful technology company, the normal rules of Wall Street don’t apply to you. 

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