Users reacted to SPV allocations being compared to a tech feudal system, with some endorsing access hoarding as superior to capital while others highlighted fraud risks.
Based on 2 visible X reactions from 5 accounts; directional sample.
Ask a question below.
Published answers will appear here.
@patrick_oshag On SPV fraud: https://x.com/rsg/status/2073510929195749750?s=20
@patrick_oshag Access hoarding beats capital any day 🤝 just dropped a follow
Jeremy Giffon on SPVs and the most egregious one he's seen: "We're recreating the feudal system from first principles. There are the lords, Elon, Zuckerberg, Dario, Sam, and they can make landed gentry by giving out allocations. Like Elon has given me $100 million to allocate in SpaceX. It's this wholly synthetic thing where you can, due to your relationship, get this landed estate and take it to a sovereign and they will pay you for that access. What's the most egregious fee setup you've seen? No GP commit, 10% one-time upfront fee with some carry structure, where you're demanding that you get paid life-changing amounts of money with zero risk, and then you also get a huge amount of upside. I've seen a few that don't have a term limit. There was famously a lot of SpaceX ones. Some just collect the fee forever. It's not to say these are all bad. It's not investing. It's not strictly brokering. It's this wholly insider access game.
So true https://twitter.com/patrick_oshag/status/2075661175430193378
Elite intermediaries extract massive fees from sovereign funds using access-only allocations.
Users reacted to SPV allocations being compared to a tech feudal system, with some endorsing access hoarding as superior to capital while others highlighted fraud risks.
Based on 2 visible X reactions from 5 accounts; directional sample.
Ask a question below.
Published answers will appear here.