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How Wall Street Middlemen Help Silicon Valley Employees Cash In Early - WSJ

Hedge-fund manager Jonathan Sands gushed in a January email that shareholders of Uber Technologies Inc. could quadruple their money in two to four years. The numbers behind Uber are astounding, he wrote.

The email was a sales pitch for an investment fund with $100 million of stock in the privately owned, smartphone-based car service, which Mr. Sands said he was getting directly from Uber to sell to other investors, minus a...

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