Zach Perret

When we did the sale to Visa that ultimately didn't go through, we raised a funding round afterwards. One of the most complex things to do in that funding round was I wanted to try to max the number of people that could participate in the secondary. We couldn't get to 100% of employees, but we got to the large majority of employees that were able to participate in that secondary.

And that was hugely meaningful to me, hugely meaningful to the team on the other side. Keep in mind, we'd said, hey, we're selling the company for $5 billion. The price was $13. Well, let me finish the whole story. First, it was like, we're selling a company for $5 billion. Then we got the end of a year, and everyone was like, oh, OK.

And that was hugely meaningful to me, hugely meaningful to the team on the other side. Keep in mind, we'd said, hey, we're selling the company for $5 billion. The price was $13. Well, let me finish the whole story. First, it was like, we're selling a company for $5 billion. Then we got the end of a year, and everyone was like, oh, OK.

And that was hugely meaningful to me, hugely meaningful to the team on the other side. Keep in mind, we'd said, hey, we're selling the company for $5 billion. The price was $13. Well, let me finish the whole story. First, it was like, we're selling a company for $5 billion. Then we got the end of a year, and everyone was like, oh, OK.

They don't spend the money practically, but they spend the money in their hat. They do. They've got that number. Exactly, exactly. Who am I to say that they shouldn't get mentally locked in on a thing? We said we're going to sell the company for this amount of money. Visa's a very legitimate buyer. There was real cash coming in. And I told them there was risk. But you spend the money in your head.

They don't spend the money practically, but they spend the money in their hat. They do. They've got that number. Exactly, exactly. Who am I to say that they shouldn't get mentally locked in on a thing? We said we're going to sell the company for this amount of money. Visa's a very legitimate buyer. There was real cash coming in. And I told them there was risk. But you spend the money in your head.

They don't spend the money practically, but they spend the money in their hat. They do. They've got that number. Exactly, exactly. Who am I to say that they shouldn't get mentally locked in on a thing? We said we're going to sell the company for this amount of money. Visa's a very legitimate buyer. There was real cash coming in. And I told them there was risk. But you spend the money in your head.

Then we had to get to the end of the transaction, and we walk away. And I was like, this is going to be better for the company in the long term. But all of a sudden, they couldn't spend the money. There's a very different aspect of liquidity that was real for them. And then we said, look, we're going to go raise money, and we hope that we're going to let you participate in a secondary.

Then we had to get to the end of the transaction, and we walk away. And I was like, this is going to be better for the company in the long term. But all of a sudden, they couldn't spend the money. There's a very different aspect of liquidity that was real for them. And then we said, look, we're going to go raise money, and we hope that we're going to let you participate in a secondary.

Then we had to get to the end of the transaction, and we walk away. And I was like, this is going to be better for the company in the long term. But all of a sudden, they couldn't spend the money. There's a very different aspect of liquidity that was real for them. And then we said, look, we're going to go raise money, and we hope that we're going to let you participate in a secondary.

And that was a pretty hard thing to say, but I also couldn't. I didn't want to guarantee anything, because I couldn't. Then we got to the secondary. Then we did as much as we could. MARK BLYTHESAUER- Did they respond badly to that? MARK BLYTHESAUER- Some of them did, yeah. But not selfishly. Just people plan to buy a house, for example. Then we do the next round, which was a big step up valuation.

And that was a pretty hard thing to say, but I also couldn't. I didn't want to guarantee anything, because I couldn't. Then we got to the secondary. Then we did as much as we could. MARK BLYTHESAUER- Did they respond badly to that? MARK BLYTHESAUER- Some of them did, yeah. But not selfishly. Just people plan to buy a house, for example. Then we do the next round, which was a big step up valuation.

And that was a pretty hard thing to say, but I also couldn't. I didn't want to guarantee anything, because I couldn't. Then we got to the secondary. Then we did as much as we could. MARK BLYTHESAUER- Did they respond badly to that? MARK BLYTHESAUER- Some of them did, yeah. But not selfishly. Just people plan to buy a house, for example. Then we do the next round, which was a big step up valuation.

And we let people sell us because we wanted to create a rational amount of sale. We let them sell as much as we could rationally. But it wasn't this full amount. Instead of buying a house, maybe something larger than a car but less than a house, a chunk of what they could sell wasn't the whole thing.

And we let people sell us because we wanted to create a rational amount of sale. We let them sell as much as we could rationally. But it wasn't this full amount. Instead of buying a house, maybe something larger than a car but less than a house, a chunk of what they could sell wasn't the whole thing.

And we let people sell us because we wanted to create a rational amount of sale. We let them sell as much as we could rationally. But it wasn't this full amount. Instead of buying a house, maybe something larger than a car but less than a house, a chunk of what they could sell wasn't the whole thing.

That, I think, was a hard thing for them, good outcome, because they could see the light of the future and the growth of Plaid and so on and so forth. But definitely a hard, whiplashy thing. But I think that was really great that we let our employees participate there. And as we're able to do more secondaries in the future, really focusing on the team, that would be the goal.

That, I think, was a hard thing for them, good outcome, because they could see the light of the future and the growth of Plaid and so on and so forth. But definitely a hard, whiplashy thing. But I think that was really great that we let our employees participate there. And as we're able to do more secondaries in the future, really focusing on the team, that would be the goal.

That, I think, was a hard thing for them, good outcome, because they could see the light of the future and the growth of Plaid and so on and so forth. But definitely a hard, whiplashy thing. But I think that was really great that we let our employees participate there. And as we're able to do more secondaries in the future, really focusing on the team, that would be the goal.

BRIAN DORSEY- That's a good question. The true value of a private company is impossible to tell. The true value of a private company is what someone is willing to pay to buy an incremental share of that company. And that's why you see valuations being all over the place with private companies.