How does Carta's programmatic recurring liquidity solution compare to traditional methods such as tender offers?

Yeah. So number one, tender offers are extremely inefficient. They're episodic. Companies spend three to four months to set them up, and they maybe do them once a year, once every 18 months, once every two years. But it takes a lot of time and effort. The problem is it's  orchestrating a transaction, but it's one sided price discovery.

It's based on what the company wants to buy back the shares at, or you go to an investor, and you convinced them to buy shares from your employees at a specific price point. But there's no price discovery being done from your sellers, your shareholders who want to take some money off the table. And so because of that, it's an inefficient market.  You have a one sided offer. 

Most of the time when tender offers run -- and we launched the tender offer product, I think three or four years ago at this point, we've supported hundreds of transactions and billions of dollars in transaction volume -- but most of the time, these transactions are significantly under subscribed.  The investor will go out and say, okay, we want to buy $20 million worth of stock. Like maybe big [ ] dollars ends up trading. And the reason why is because there's no real price discovery, it's an inefficient market. And so because of that, most of these companies have, like I said, it could be anywhere from 3 to 5 million trading,  the larger ones may end up trading 20, 40, 50 million, a hundred million max, like not too much tender offer transactions will trade more than that. And you're talking companies that are worth multiple billions of dollars. 

So when you look at the amount that actually trades versus the market gap, it's just, something's not right there. And the reason why is because there's no efficient price discovery, and because it takes a lot of time and effort to set up these transactions and you get minimal results from them.