Benchmark’s Bill Gurley Takes Aim at Latest IPO Gains

Bill Gurley, one of Silicon Valley’s most famous venture capitalists, has long been a critic of traditional initial public offerings, in part because the big gains in first-day stock price mean some categories of investor benefit at the expense of the company. Now, he says those price jumps could signal a breach of fiduciary duty.

"Those companies could theoretically be held accountable," Gurley, a general partner at Benchmark, said on Bloomberg Technology on Friday. "The problem is getting ginormously worse."