Circle Employees Lost $3 Billion Despite CRCL Stock Rally By 700%, Says Chamath Palihapitiya

The Circle (CRCL) stock surged an additional 20% on Friday, and is already up by 700% since its IPO earlier this month. Despite these massive gains, billionaire investor Chamath Palihapitiya noted that the stablecoins firm’s employees lost nearly $3 billion, as the company had to go for a traditional IPO route instead of SPAC merger. This is because the company employees have to sell 14.4 million shares from their holdings to proceed with the IPO.