Latest / The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Founders Use Directed Share Programs to Reward Early Believers
In this episode of The Startup Exit Podcast, Lucas and Luna explore directed share programs (DSPs) — a quiet but powerful tool that lets founders allocate IPO shares to loyal customers, employees, and early investors before the public gets a chance. They unpack how companies like Airbnb and Google used DSPs to build community and reward advocates, and the mechanics behind the allocation, including the role of underwriters and the SEC's Rule 134. They also discuss the strategic considerations: does a DSP dilute the offering? How does it affect the share price? And what happens when a…
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