Casey Noon

I'm of a couple of minds on this.

I think it's probably better that they are public benefit corporations than not because public benefit corporation is sort of this, you know, legal designation that allows you to take into account things like, are we being socially responsible?

It doesn't, you know, investors can't sue you as easily for sort of breaching your fiduciary duty if you do something that is counter to their interests as shareholders.

But there are still corporations and they still exist at the pleasure of shareholders.

And there are certain concessions they can make to social issues and impact.

But when it comes down to it, like when the rubber meets the road and one of these companies develops a model that is truly dangerous...

They are going to now need to weigh not just what do we think the right thing to do is or what do our private investors think we should do or what do our employees think we should do, but they're also going to have the public markets breathing down their neck.

They're going to have activist investors and things like that.

So I'm just nervous about the structure that is now going to grow up around these companies and just push them in the direction of acceleration.

Yeah.

How do you think this will impact the average person who's not an investor or a shareholder in these companies who may just want this stuff to be developed well and safely?

Yeah, and I think there's been a lot of hand-wringing over these features

And these exchanges that have changed the rules like the Nasdaq 100 and the S&P have already or are considering loosening their rules around these so-called seasoning periods.

Basically, it used to be if you were a brand new public company that had just IPO'd.

You could not be included on these major stock indexes because they sort of wanted to see whether you were stable enough to become part of the basket of blue chips that people invest in when they buy an index fund.

Now, partially because of these looming IPOs, those rules have been relaxed so that these companies are not going to have to wait three months or six months or a year anymore to be included on these exchanges.

Some people have said, well, that sounds bad.

And we're exposing retail investors to these like volatile and risky stocks.

I'm not that worried about it.

I think like investors want exposure to these companies.