Fraudulent Secondary Markets for Private Tech Shares

Anduril's @mttgrmm is in a long-running war with "wildcat" secondary markets who have “absolutely zero respect” for founders and investors. "How many investors in America think they own a chunk of SpaceX when they're actually funding their ex-roommate's boyfriend's coke habit in Miami?" "The SpaceX IPO will be very interesting. This is going to be a situation where the tide goes out, and there's going to be a lot of people without trunks on." "There was this one situation of someone slinging an offer around that was an SPV into another SPV that was buying a chunk of an early investor's holdings. There are layers and layers of fees and carries on top of that, at a price per share that was something like 70% above what the last round traded at. It's just an insane thing. They're pitching access to a deal they don't have." "There was a recent indictment announced in New York around a case where someone was out slinging Anduril SPVs that did not have access to Anduril, and the guy was just pocketing the cash. He was just indicted and arrested at JFK." "This isn't a blanket comment that all secondaries are bad. They're not. There's a category of these people who just have no respect and are basically just fraudsters and hucksters."