Accredited Investor Email
hello! like most of the investors in here, i do not have an annual income of $200,000 nor do i have a net worth of over one million dollars, so when confronted with this email this morning, i selected not being one. i think it's a safe assumption 99.9% of us will be selecting this option.
The email states:
"Subverse is officially oversubscribed and, in addition to only being able to accept $1,070,000 in investments, they can only accept a limited number of non-accredited investors for regulatory reasons."
- how will this process play out if 99.9% of your investors aren't accredited investors?
- shouldn't this have been something you disclosed before accepting money?
- is it too late to get a refund for those of us now experiencing buyer's remore?
- what are you doing with our million dollars? it's been two weeks now and you're still releasing one video a day with one host. you have funds now to fund a newroom for a few years.
if you're looking for volunteer unaccredited investors, i will be first in line. Shame on you Tim. we trusted you. that's why you got that million dollars was because you weren't supposed to be shady like everyone else.
make this right before Subverse fails to launch from lack of support.
1) These numbers include startups currently live on Wefunder if they pass their minimum target.
2) Some startups use two different laws at the same time (i.e., Regulation D and Regulation Crowdfunding).
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Easy tiger... While I got the same email and found it really disconcerting, this sounds a lot more like a legal matter setup in the bill that allows wefunder to exist at all. If that's the case this might be an issue at the feet of wefunder for lack of communication with their fundraisers and investors and right now Subverse could be just as taken aback at this situation and need to figure what to do. We simply don't know yet.
That being said I think you're right that there needs to be some communication today from Subverse if possible, and definitely some more transparency from wefunder in that initial email, as well as on their site to begin with before making an investment. They say "can only accept a limited number of non-accredited investors", well what's the number? Why are we only learning of this limitation now regardless of who is imposing it? My point is that Subverse might be just as much a victim in this as the lost non-accredited investors. Let's find out before you start accusing them of trust issues on what is a fairly new technological endeavor.
Also, having a million dollars doesn't give you a fully functioning news room in two weeks, c'mon man. Especially when it's pledged, we don't know if they've received it yet and in light of our recent email, I actually highly doubt it. Production planning takes months and they often fail. We all jumped into this because we have faith in their mission, if you're going to abandon that the moment you get an email you don't like, then you never had any. Chill.
In the meantime, @billottman, can you let us know what's going on as soon as possible?
I was just wondering when we find out if our investment is secure.
id like to know whats going on with this
are you taking my investment or not
if not i want my funds back
I received the same e-mail. I think it's pretty ridiculous that we are going to lose our investment because our net worth isn't high enough. That not only seems pretty scummy, but also counter to what this was supposed to be in the first place.
So what is the status of any investments pledged, mine is currently just sitting in escrow with no movement.
will be wrapped up this month!
Pretty sure this all comes down to the SEC setting cap limits on how much you can invest... I'm not sure who's responsibility it is to keep track of this type of thing, but obviously WeFunder thinks it's a good idea that it knows one way or the other.
Here:
https://www.sec.gov/oiea/investor-alerts-and-bulletins/ib_crowdfundingincrease
The thing that you should most pay attention to is the table almost half way down the board... I wonder what it looks like if I copy/paste here... Hmm...
Nope, looks like bunch of ugly text... Visit the site. But if you have a net income of 30k, you can't invest more than $2,200 a year. 150k would be 4k max a year. Unless of course you are a accredited investor... Then the rules change. WeFunder is just making sure you don't invest "illegally"...
We all mostly joined to help independent News and to help Tim Pool and Bill O. fulfill their vision that benefits free speech. We must of felt strongly for such a news source and social media applications to join so why cry about whether your investment will go through?.... If we get "bounced"...Oh well....We get our money back. No need to scream "I want my money back." When it might happen anyway. If we escape the cut congratulations to those who do...You obviously invested wisely as its such a popular idea that it brought in a record amount of investors in a short period which says it all for the (your) investment. If we get bounced...No shame. Our hearts are/were in the right place and we still are part of something special.
I believe I read a person can invest up to a certain amount ( I saw either about 70K or 17K) with out being an accredited investor. I invest 1K myself but am having my CPA sign the letter just in case. Our funds are with a title company, same system as a house, so it makes it harder for scammers to run off with your money. If I am correct your investment will go through as long as it is less than the cut off. These rules and the slow pace is by design from the SEC so investors are less likely to have someone run off with their money. At first I thought this was a pretty stupid rule, after reading the borderline hysteria comments I think I am changing my mind about that.
they offered some insight about this on the questions page. In short, they raised so much they are required to fill out another form for the SEC.
We more than qualify for accredited investors but I only invested $500 into this and its simply not worth my time having our CPA or Attorney verify our financial standing. So I'm just gonna cancel it. Glad they made their mark and wish them the best.
I don't think it's a matter of "you're not worth over $1M we don't want your money", I think it's a matter of "we have too many subscribers and accredited investor is the first of many things we'll check to decide who to cut".