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Last month , Brett Adcock , beginner of robotics startup Figure AI , claimed in a place on Xthat his party “ is now # 1 most seek - after private gunstock in the secondary grocery store . ”
But the company has send cease - and - desist letter to at least two factor who run secondary marketplaces , those broker told TechCrunch . These the great unwashed said Figure AI ’s cease - and - desist missive demanded that they stop marketing the company ’s bloodline .
Both agent said they receive the letters for the first time afterBloomberg reportedin mid - February that Figure was seek a $ 1.5 billion daily round at a $ 39.5 billion valuation — a fifteenfold increase from the$2.6 billionvaluation it achieved in February 2024 .
A spokesperson for Figure AI told TechCrunch that the company sends such letters when it has n’t authorized the broker to sell its fund , suggesting that it has a long account of send out such letters .
“ This year , when we discovered an unauthorized third - political party factor was market Figure shares without approval from the Figure Board of Directors , the troupe sent a cease and desist asking the unauthorized broker to stop , as it has done previously when other unauthorized brokers were discovered , ” the spokesperson told TechCrunch in a written statement . “ We do not allow junior-grade market trading in our part without circuit board authorization and the company will continue to protect itself against unwanted third - party brokers in the market . ”
Because Figure is a private company , not a public one , its stock can not be easily sold at will by its investor , peculiarly without a fellowship - authorise event . This restriction is why petty markets have emerged at all , including 1 that pop the question investors alternative ways to get cash from ploughshare onwards of an initial public offering , such as loans insure by their startup sharesthat become repayable when a company goes public .
The lowly market on the receiving ending of Figure ’s letters order TechCrunch that they have other theory about why some CEO dislike share sales on their marketplace .
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existent shareholders were seek to sell their stock at a terms that was below the newfangled hop - for $ 39.5 billion valuation , these brokers said . Both brokers told TechCrunch that some companies gravel at the prospect that lower - price secondary shares could compete with the new round .
Without commenting on Figure ’s pillowcase specifically , Sim Desai , founder and CEO of secondary share marketplaceHiive , told TechCrunch that companies sometimes block direct secondary gross sales because they think “ it ’s a zero - sum game . ”
Desai , naturally , argue that the reverse could be truthful : fighting subaltern market trading could pull in more interest for primary shares in a novel raise .
But if secondary market natural action fails to drive interest in the primary unit of ammunition , the issue may lie with the evaluation itself . “ If someone is having a hard fourth dimension selling something , it ’s merely a function of cost and evaluation rather than availability of capital , ” Desai said .
soma has also lately been the subject of several word articles , describing Figure ’s advance with its marquee client , BMW . Figure has responded , in at least one case , by suppose the clause had so many inaccuracy that it ’s threatening to sue .
As for how much Figure AI raises next — and at what valuation , that remain to be seen . Whether existing investors will be able to cash out early in secondary minutes is also to be determined .
