The term “unicorn” for a private startup company worth $1 billion or more was coined to emphasize the rarity of such ventures. But today there are more than 1,500 of them, with a combined valuation of over $4 trillion. By remaining private, these corporate behemoths shield themselves from disclosure requirements, investor oversight, and market discipline―mechanisms designed to protect investors and the public from corporate wrongdoing.
As part of the Americans for Financial Reform Education Fund Speaker Series , Renée Jones spoke on how allowing unicorn companies to run wild doesn’t threaten only the sophisticated venture capitalists who finance Silicon Valley. When the largest startups go awry, the consequences are often severe for ordinary investors, employees, and the public at large. She will also talk about what can be done to change this.
Featuring:
Renee Jones, author of the forthcoming book, Untamed Unicorns: Why Startup Finance is Broken and How to Fix It
Professor Renee Jones is Professor and Dr. Thomas F. Carney Distinguished Scholar at Boston College Law School. Her scholarship focuses on securities regulation, corporate governance and the federal-state relationship in corporate regulation. From 2021 to 2023, Professor Jones served as the Director of the Division of Corporation Finance at the U.S. Securities and Exchange Commission. Her book Untamed Unicorns: Why Startup Finance is Broken—and How to Fix It will be published by Harvard University Press in August 2026.
Moderator:
Oscar Valdés Viera, Americans for Financial Reform Education Fund
Oscar Valdés Viera is the Private Equity and Capital Markets Senior Policy Analyst at AFR/AFREF. In this role, he works with staff and partners to formulate, analyze, and respond to regulations, legislative proposals, and market dynamics around capital markets and the private equity industry, focusing on the industry’s impact on various stakeholders and the broader economy. Previously, Oscar served as a Research Manager at AFR/AFREF, conducting research to enhance the fairness and resilience of the U.S. financial system. He was also a summer scholar at The Century Foundation, where he worked with the labor team on initiatives to improve economic prospects for low- and middle-income individuals.