Why companies control secondary markets

Mike describes early Wild West secondaries and why companies began restricting transfers to manage liquidity.

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CJ sits down with Mike Jung, Co-Founder and Managing Partner of Founders Circle Capital. They unpack the rise of structured liquidity, how secondaries went mainstream, and what CFOs should know before running a tender. Mike shares lessons from the dot-com era, AI’s “super cycle,” and what separates durable growth companies from hype.

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LINKS:

Mostly Talent: https://mostlymetrics.typeform.com/to/cLTxtAsN

Mike: https://www.linkedin.com/in/mikjung

https://www.founderscircle.com/

CJ: https://www.linkedin.com/in/cj-gustafson-13140948/

https://www.mostlymetrics.com

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TIMESTAMPS:

1:08 Founder Circle origin

3:15 The founder liquidity insight

5:16 Staying private longer problem