Twilio and Asana, both listed on NYSE, agree to list on Silicon Valley-based Long-Term Stock Exchange, the first two companies to agree to dual list on LTSE
check out this announcement.. https://twitter.com/... @shaherose : Two leading companies are intentionally breaking new ground - nice move @twilio @asana. Our industry, investors and world will be better because of this. Congrats to the @ltse team and @ericries! #proudinvestor https://twitter.com/... Brad Slingerlend / @bradsling : It's really a shame there isn't a highly liquid stock market that exists where management teams are allowed to have long term incentives and shareholders can hold stocks for as long as they want.😜 Companies get the shareholders they deserve... https://www.wsj.com/... @alexisohanian : Love to see it. Let's hear it for a more sustainable stock market. This is a big milestone for @ltse - a very ambitious company working to build a smarter stock market where investors are actually incentivized to HODL. 💎🤲 https://www.wsj.com/... Daisy Ford-Downes / @downes_ford : Big news: “To list on @ltse in August, Twilio & Asana are agreeing to a slate of commitments such as aligning exec & board compensation with long-term performance; taking customers & employees into account; & explaining how the company's board oversees its long-term strategy.” https://twitter.com/... @mikeolson : Huge endorsement of the Long Term Stock Exchange. Not just CEOs, but the boards and venture investors in these two solid companies had to make the decision to list their issues there. Congratulations, Eric! Wonderful to see your idea take flight. https://twitter.com/... @twilio : Today, we are announcing our plans to list on @ltse. Listing on the Long-Term Stock Exchange is a recommitment to our customers, employees and stakeholders as part of our mission of enabling innovators across every industry. https://www.wsj.com/... #TwilioxLTSE https://twitter.com/... Gabe Kleinman / @gabekleinman : 👉🏾 “The material benefit of being seen as an ESG leader has become bigger as so much money has flowed in,” said Mr. Ries. Congrats @ltse @ericries @jamesjoaquin et al on moving public markets to a place where both investors want them to be (and our planet need them to be). https://twitter.com/... @obviousvc : 👏🏿👏🏾 👏🏽 to @twilio @asana for being the first leaders to list on @ltse. A public market option for companies focusing on long-term value creation > short term gains is now a thing. And it's here to stay. Congrats on another milestone @ltse @ericries! https://www.wsj.com/...
Context & Ripple Effects
The SEC approved Eric Ries' Long-Term Stock Exchange as a national securities exchange back in 2019, and Silicon Valley figures had backed its pitch two years earlier: shares gain more voting power the longer investors hold them. Until now the exchange has existed on paper only, with no listed companies.
That changes with Twilio and Asana agreeing to dual-list while keeping their primary NYSE listings. For Twilio, whose stock jumped more than 90% on its first day of trading in 2016, it is a deliberate statement about who it wants as shareholders five years into public life.
First-order effects
- LTSE moves from an approved-but-empty venue to an operating exchange with two anchor names, validating Ries' model of tenured voting rights under real listed companies.
- Twilio and Asana adopt listing rules built around long-horizon incentives without giving up their existing NYSE liquidity — a low-cost experiment since the dual-listing structure preserves their current market access.
Second-order effects
- NYSE now hosts two prominent tech companies that publicly signal their primary listing alone no longer expresses their governance preferences, creating pressure on incumbent exchanges to answer with their own long-term-shareholder mechanics.
- Other dual-listed candidates watch whether trading activity actually migrates or splits across venues; the outcome determines whether a second listing on LTSE costs anything in liquidity.
Third-order effects
- If early adopters like these make the model credible, US exchange competition shifts from competing on trading volume toward competing on listing rules and shareholder-tenure design, loosening the practical duopoly over where companies choose to list.
The trend: Stock-exchange competition in the US is beginning to differentiate on governance design rather than liquidity alone, with LTSE's long-term-holder voting model as the first live test case.