Monday, April 18, 2011

SharesPost CEO Takes On WSJ Article

SharesPost, the secondary marketplace for venture backed, privately owned shares of such companies as Twitter and Facebook, is taking on the Wall Street Journal for an article published last week. The firm's CEO, David Weir, said in an email to users that the article--which investigated the firm's accreditation process--"badly misrepresented" the company's policies and procedures. SharesPost--a spinout of Santa Monica's Brighthouse incubator run by Scott Painter and Greg Brogger--was the target of an article by the WSJ focused on how the firm screened investors joining the site. SharesPost said the article left readers "largely misinformed and our company unfairly maligned." SharesPost allows users to trade shares in privately owned companies, mostly venture backed startups like Twitter and Facebook.