Märkte: „Tickende Zeitbombe“ – Große Tech-Börsengänge bergen ein verstecktes Risiko
Viele Start-ups setzen vor dem IPO auf spezielle Aktienpakete für Mitarbeiter. Ein legaler Rechnungslegungstrick verschleiert die Kosten bis nach dem IPO – mit Folgen für den Kurs.
New York reports that the intense competition for top AI talent is driving tech giants to offer staggering salaries. According to Christian Brehm of the Magpie consultancy, "the salary expectations of the best people are so high that many tech companies find it difficult to finance them solely with cash." As a result, private startups resort to special employee stock ownership programs and exploit accounting regulations.
The resulting high costs are postponed until after the initial public offering (IPO), obscuring true personnel expenses. This, according to Sven Riethmueller's Yale University study, often has devastating consequences for stock prices. The Uber case illustrates the magnitude of the effect, and Anthropic's upcoming mega-IPO in November could also prove problematic. In an interview with the Handelsblatt, Riethmueller warns of a "tickling time bomb."
Written by urgent.news from Handelsblatt's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
