The online private equity market SecondMarket will layoff 30 of its 130 employees, a source familiar with the company's plans told CNET. The company has risen to prominence in recent years as a venue for buying and selling stocks for private companies, such as Facebook, Twitter, and Zynga.
With Facebook would this week halt secondary-market trading, a move that will weigh heavily on SecondMarket, the layoffs could be indicative of a forthcoming drought in private equity. Just yesterday, reports began to surface that
While Facebook isn't the only company trading on SecondMarket, the market for tech IPOs is dwindling rapidly.has already begun trading publicly and outside of Twitter, few tech companies are yet mature enough for the sorts of trades popular on SecondMarket.
SecondMarket indicated recently plans to buttress a lack of tech IPOs with a. It appears, however, that the transition won't happen fast enough to save its staff.
SecondMarket representatives were not immediately available for comment.