Gurley questions if Yale model works when universally adopted, notes Yale itself selling $6B.
“What if everyone goes to 50% illiquid? Will it still work? I think that's a provocative question. But I think that's what happened for sure.”
Gurley says late-stage investors enable two-year employee liquidity at OpenAI and Stripe, removing IPO pressure.
“one of the things they're doing is they're supporting massive founder liquidity and employee liquidity. And so that's happening at Stripe, that's happening.”