Greed, not fraud, is driving the chaos in private AI shares

Silicon Valley - Zetong Li - Pexels
Silicon Valley - Zetong Li - Pexels
Demand for Anthropic, OpenAI and SpaceX shares has overwhelmed a secondary market designed for venture firms and insiders. Family offices, private banks and accredited investors are now buying layered claims through structures few of them fully understand. Everybody is acting rationally individually, but collectively it creates chaos, insiders say.

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