, Columnist
Beware of Bankers Bearing Pre-IPO Gifts
A Morgan Stanley plan to invite its wealthiest clients to buy shares in startups before they go public sounds exciting. So does scaling cliffs without a rope.
More than a game.
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Bulletin for investors intrigued by reports that Morgan Stanley is planning to give its very wealthy clients exclusive access to shares of buzzy startups before they go public: Be very afraid.
It's natural to be seduced by the thought of scooping up shares of the next Airbnb Inc. at a discounted price, but this is no time to abandon caution — even for those with at least $20 million in assets, the reported threshold to participate.