TP4: Sydecar 🛵 | TikTok deal 🇺🇸🤝🇨🇳 | Netskope Stubhub Figure IPOs 📈 | xAI @ 200B💰| Stripe @ 91B 💳 | Omni Ventures ⚙️

trading places · Sep 23, 2025 · 1h 14m · transcript

[ trading places ] episode 4:a very bad 💩podcast about VC #secondary 2️⃣, broken unicorns 🦄💔& busted carry 😱

this week in 2ndry: we talk #SPVs #KYC and #liquidity w/ nik talreja CEO @ sydecar

timestamps:

[ tech + vc news ]

01:14 — ipo window creaks open (klarna, figma, netskope, stubhub)

07:00 — tiktok deal: oracle, xi, trump

10:16 — fed cuts 25bps → bullish for tech

[ nik talreja interview ]

13:30 — lawyer → lp → sydecar

19:55 — “you can buy a barge in alaska w/ an spv”

25:05 — continuation vehicles & liquidity headaches

[ valuation: stripe ]

58:23 — stripe vs adyen comps

01:03:04 — 2021’s…