Andy Constan: Goog equity raises overlook ongoing share issuances to employees

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02.06.2026

Andy Constan: Goog equity raises overlook ongoing share issuances to employees — Goog's real share distribution story

Andy Constan, founder / strategist at Damped Spring Macro, observes that discussions about the three equity raises by Goog miss a crucial dynamic. He points out that Goog has routinely distributed shares to employees, who then sell them on the market throughout the company's history. Constan notes that recent conversations should focus on the implications of this longstanding practice rather than viewing the equity raises as unusual.

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Constan has addressed other market practices in recent commentary. He previously questioned whether a BTC sale by Strategy could result in a tax loss if the asset was repurchased within 31 days due to the wash sale rule. In an earlier analysis, he noted that U.S. national debt rose from $1 trillion to $39 trillion over 46 years, with an average annual growth rate of 8.6 percent according to Damped Spring Macro.

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