EDITOR NOTE: Pump and dump? The CEO of Coinbase (COIN), Brian Armstrong, was publicly pumping up the company’s IPO on CNBC while privately dumping 71% of its shares. He was packaging his own company to sell to “suckers,” as Nassim Taleb noted in his Twitter response. If you believe in the values of having “skin in the game,” this is the exact reverse--selling risk to those willing to buy it; his shareholders, not realizing that Brian Armstrong was ridding himself of the risk and doing so at a profit. Should the company not live up to its valuations, shareholders get burned, but Armstrong goes home with a massive profit. Coinbase may someday prove to be either a worthy investment or a failure, but that’s beside the point. Can you trust a company whose leader is devoid of honor and ethics toward shareholders yet more than abundant in his desire to take their money?
On the same day #Coinbase CEO @brian_armstrong was on @CNBC publicly pumping COIN, he was privately dumping 71% of his shares. Other insiders selling included the Pres., CAO, CPO, and CFO who dumped 63%, 86%, 97%, and 100% respectively. Union Square Venture fund also dumped 100%. pic.twitter.com/C0oqScTYbR
— Peter Schiff (@PeterSchiff) April 18, 2021
Originally tweeted @PeterSchiff