Michel Del Buono

speaker

515 appearances 1 recordings 1 series first heard May 2026 last heard 22 May

Michel Del Buono’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 1 in all, peaking in May 2026 with 1.

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Sourcery · Inside Marc Andreessen & Ben Horowitz's Multi-Family Office (Part II) · 22 May 2026 podcast

right?

And that's called the level one or L1 type structure.

And then what's happened is there's so much demand that let's say I bought shares in Molly Corp, right?

I now go create Michelle Corp and sell shares in that to other people.

And that's now a level two or L2

uh type structure so you see things l1 l2 you even see l3 nested structures each time you're further and further away from the stock and so there's more and more risk that you don't get you know what you thought you would right because who's to say that the original person that started the very first um company doesn't

borrow money against the shares or sell them outright because there's no real sort of controls on that necessarily, right?

People just say, I pledge to you that I'll give you the returns when the company IPOs, they're not necessarily saying I will hold these stocks in escrow for you.

So there's a lot of legal complexity in there.

And I think people are so excited about getting these things that they gloss over these details.

The other thing, of course, is that people layer in a lot of fees, carry.

So it's not unusual to see 1 in 10, 2 in 20 type structures or a 5% transaction fee.

And often it's not done at the last round.

It's done a significant increase the last round.

So it's a very complicated space.

I would really ask the viewers, be careful.

It's a very hairy, complicated topic.

You mean the person selling?

I think a lot of people have been working at these companies a very long time and have been accumulating this equity and just want to get some liquidity for their lifestyle.

So I think that's one of the drivers.

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