
Ben Edelman
471 posts

Ben Edelman
@bgedelman
Economist, attorney, software developer. Research focus: Fixing the Internet.










United just quietly rebranded its premium transcon and Hawaii business-class cabins as Polaris. The big win: Polaris Lounge access is now included on these domestic routes. - EWR-LAX - EWR-SFO - EWR-HNL - ORD-HNL - ORD-OGG










SCOOP: The Trump administration and Spirit Airlines are nearing a deal where the U.S. government would put up to $500 million into Spirit Airlines stock warrants to try to save the company, leading to a potential significant stake in the company. Team effort w/ @alyrose and @AndrewScurria wsj.com/business/airli…


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It’s official: a jury found that Live Nation/Ticketmaster is a monopoly. I am so proud to have filed this case on 2024. This may be the most popular antitrust case ever. Kudos to the State AGs for finishing the job. The rule of law is alive and well.





EQUITY VESTING I’m starting to see more founders put into place 6 year vests for founding / early employees, and I think it really aligns incentives around thinking long term and sticking around to build an enduring company. Founders: don’t take 4 year vests as written in stone. Rethink it from first principles, considering what you’re trying to build. 4 years made sense in an era when the average time to IPO was 4-5 years. That era is gone. The best companies today take 10-15 years to reach their full potential. If your vest schedule is shorter than your ambition, you’ve created a misalignment. A few things worth rethinking: •Cliff length (discussed above) •Back-weighted schedules (more equity in years 4-6, not front-loaded; Amazon has done this for many years? •Refresh cadence (how do you keep people incentivized post-vest without diluting everyone?) The vest schedule is a cultural document. It signals how long you think this will take, and how serious you are about people staying for the whole ride.













