SEC wants more transparency from unicorns

The Securities and Exchange Commission announced plans to begin working on a requirement from big private companies to routinely disclose information about their finances and operation, citing growing concerns about the lack of oversight of the private fundraising. According to recent research, there are currently 959 private companies valued at more than $1 billion, up from 513 at the end of 2020. The push is likely to meet significant resistance from Silicon Valley and other sectors, such as oil and natural-gas infrastructure, that rely heavily on funding from private markets.