Matt Levine, Columnist

Companies Can Pick Their Investors

Also GameStop, still, and NFTs.

March 11, 2021 at 5:29 PM UTC

Matt Levine is a Bloomberg Opinion columnist. A former investment banker at Goldman Sachs, he was a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz; a clerk for the U.S. Court of Appeals for the 3rd Circuit; and an editor of Dealbreaker.

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Programming note: Money Stuff will be off tomorrow, back Monday.

Two big companies went public yesterday. One is Roblox Corp., which opened for trading yesterday morning through a direct listing. Instead of a traditional initial public offering, in which Roblox would sell stock to big institutional investors on Tuesday evening and then have it open for trading on Wednesday, Roblox skipped that first part. It didn’t sell any stock. The stock just opened for trading on Wednesday; people who already owned it—early venture capital investors, employees, etc.—could sell in ordinary transactions on the stock exchange. It went pretty well I guess:

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