Hi - Many thanks for this - very impressive report. I wondered how the bust-up between the founders about the voting shares lock-up has affected your thinking (if at all) and what it says about future governance. Thank you.
In my view, a much greater risk would have been if Käärmann had lost control. It would have put at risk the scorched-earth strategy that Wise is using to capture market share. Note that major investors, including Andreessen Horowitz, voted in favor. Accordingly, I don’t expect any deterioration in corporate governance.
Thank you, very interesting. I am still not sure why they had to bundle the vote - this is perhaps the big question for me, as it seems to be against the ‘transparency’ they have always advocated. I think as long as you trust the CEO, I’m happy to grant an extension like this, but it is this bundling that makes me a little uneasy.
I agree - from an ethical and reputational standpoint, this does raise some concerns, as it goes against the principles the company has always publicly stood for.
On the other hand, Käärmann has never been the kind of person who’s trying to line his own pockets (just look at his compensation history). So for now, I’m not ready to take a bearish stance. Let’s keep watching the company.
Very informative report and I appreciate the attached model. Well done!
Thank you Bob! I also follow your very insightful articles on payment companies
I would also appreciate the repost
Very well written. I agree with all of it
Thank you!
Hi - Many thanks for this - very impressive report. I wondered how the bust-up between the founders about the voting shares lock-up has affected your thinking (if at all) and what it says about future governance. Thank you.
In my view, a much greater risk would have been if Käärmann had lost control. It would have put at risk the scorched-earth strategy that Wise is using to capture market share. Note that major investors, including Andreessen Horowitz, voted in favor. Accordingly, I don’t expect any deterioration in corporate governance.
Thank you, very interesting. I am still not sure why they had to bundle the vote - this is perhaps the big question for me, as it seems to be against the ‘transparency’ they have always advocated. I think as long as you trust the CEO, I’m happy to grant an extension like this, but it is this bundling that makes me a little uneasy.
I agree - from an ethical and reputational standpoint, this does raise some concerns, as it goes against the principles the company has always publicly stood for.
On the other hand, Käärmann has never been the kind of person who’s trying to line his own pockets (just look at his compensation history). So for now, I’m not ready to take a bearish stance. Let’s keep watching the company.
Excellent article!
Thank you very much! Trying to find a new company to do some deep research on. If you have any ideas what to watch, write in DM