Tech Millionaires Chase Billionaire Tax Shields With ‘Swap Fund’
- Startup woos the moderately wealthy with tools for super rich
- Stock surge from Nvidia to Meta fuels demand to diversify
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Soaring stock prices have turned thousands of tech workers into millionaires whose holdings are concentrated in a single company. A California startup wants to connect them with a tool used by billionaires to diversify, access cash — and sidestep big tax bills.
Known as an exchange fund or a swap fund, the product is familiar to the super rich. Now, share-price rallies at companies such as Meta Platforms Inc. and Nvidia Corp. are creating an opportunity to offer the structure to moderately wealthy techies as well, says Srikanth Narayan, founder of San Francisco-based Cache.