"The idea for this goes back years," says Daffy cofounder and CEO Adam Nash. "There are private companies out there that are worth hundreds of millions of dollars, and we've seen an explosion in the number of private companies-if you just add up the value of venture-backed unicorns in the U.S., it's $2.2 trillion in private stock. It's the lack of liquidity that's a problem."
"Previously the provenance of the ultra-wealthy and connected," Nash explains that private stock donations have been around for years, yet few realize they can donate private stock.
Daffy's new Private Stock Donation Program enables employees to donate private stock easily, potentially receiving a tax deduction and avoiding capital gains while benefiting charities.
Since private stock cannot be sold on public exchanges, the wealth remains untapped, which could otherwise finance homes, pay off debts, or support nonprofits.
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