Notes like this are the best part about starting a company:
Hello Brian & Dharmesh,
I joined HubSpot in March 2013 as one of the early DubSpot team and after 13 incredible years this is my last month. Many times I've heard Brian talk about building a company that your grandkids can be proud of. I am writing this email partly to give you an insight into the incredible impact you've had on my life and partly because I imagine it is difficult for your family to appreciate the impact HubSpot has had on so many like me. I hope you share this with your family.
I joined HubSpot at 26 yrs old as a Level 1 Sales Rep. I was early in my sales career, highly motivated and eager to learn. HubSpot gave me an opportunity I couldn't have imagined and I didn't fully appreciate until later. I worked hard, learnt fast and chased targets. I moved to Manager and later moved to Sales Director.
In January 2014, Nisha Anand joined as a Level 1 Support Rep. We met, fell in love and got married. She also worked hard, learnt fast and chased promotions. She is now a Principal Solutions Engineer on UK Corp.
Financially HubSpot has transformed our lives but it is more than that. Our friends are HubSpotters. At our Wedding there were tables of HubSpotters. There are family and friends in Leitrim and Belfast that still cannot explain what HubSpot does but they follow it in the news, check the stock price and ask us "what's happening at the big American company?". HubSpot is part of our life story.
At every step of our lives HubSpot has been there:
- We timed our Wedding so we could take our sabbaticals for our Honeymoon.
- We sold HUBS shares to buy our first home
- When Covid hit we continued progressing our careers working from home
- We used tuition reimbursement to up-skill and learn at Harvard, UCD and Oxford.
- We used the Temporary Mobility policy to work from London for 1 month during fertility treatment. It worked and we got pregnant.
- When our twins girls arrived 10 weeks early and spent a month in hospital, HubSpot supported us. I had 6 weeks for Paternity leave plus used my 2nd sabbatical to be there for my family
- My wife took 12 months of maternity leave plus her 2nd sabbatical and returned to continue progressing her career and recently triggered another promotion.
- We sold HUBS again to move into a bigger home.
My father tells me that I have spent one third of my working career at HubSpot. It is almost impossible to explain the impact HubSpot has had on my life. What an amazing company. I hope you and your family are incredibly proud of what you have built.
For the rest of my life I will be grateful to you and HubSpot.
Wishing you and your family all the best in the future.
Show more
📍 At HSC Asset Management Conference, our Associate Partner Cleo Cui
@blockchenn spoke alongside leaders from
@HSBC, Mulana Investment Management, Hivemind Capital and Evident Capital.
On a panel titled "When Everything Becomes Liquid" , Cleo discussed the realities and future direction of asset tokenisation. The biggest takeaway - tokenisation is not "liquidity".
She notes that tokenisation is a “twinning process”, creating an on-chain representation of an off-chain asset. If the underlying asset lacks depth, transparency, or liquidity, putting it on-chain does not change that.
The asset is the foundation, while tokenisation and access are the tools and pipes. Real efficiency comes when the full lifecycle moves on-chain, enabling atomic settlement and true market transformation.
Show more
📢 BrownDust2 Urgent Live Announcement
Full Burst RPG —BrownDust2.
First and foremost, we sincerely apologize for the disappointment and concern we have caused to many of our players.
Over the weekend, we carefully reviewed all valuable feedback shared across various channels, taking each comment seriously.
Based on these discussions, we held internal meetings throughout the weekend and into this morning.
In light of the seriousness of the situation, we will address the revised plans regarding content changes through an official broadcast.
Please refer to the details below for information on today’s urgent live broadcast.
[Broadcast Schedule]
■ Broadcast Time: Mon, Jan 12, 2026 — 10:00 AM (UTC) onward
■ Channel: BrownDust2 Official YouTube (streamed across all official channels)
■ Presenter: Project Director of BrownDust2, Jun-hee Lee
[Important Notes]
As this urgent live broadcast was prepared on short notice, we sincerely apologize for the inconvenience.
We kindly ask for your understanding that real-time interpretation will not be available in languages other than Korean during the stream.
Following the broadcast, we will release a Developer Note summarizing the key points discussed.
Subtitles will be added to the video as soon as possible.
Once again, we sincerely apologize for the concern this situation has caused.
Thank you.
Show more
I am the Deputy Director of Disclosure Compliance at the Office of Government Ethics.
I oversee a team of 11 specialists. We process financial disclosure amendments for senior executive branch personnel. We are very good at our jobs.
In Q1 2026, we received 113 pages of periodic transaction reports from a single trust. Form OGE-278-T, filed in duplicate. 3,642 individual stock trades. I want you to understand the scale of our achievement: we processed every single one. On time. In triplicate. Asset type, transaction date, notification date, value range. Every field populated. Every box checked. Every signature dated.
60 trades per trading day. My senior analyst calculated it on her lunch break. She thought the number was remarkable. I told her what was remarkable was our processing speed.
For context: the previous 2 administrations filed primarily index funds and Treasury notes. Fewer than 200 transactions per year. My team reorganized the archive. We updated the flowchart. Those were quiet years.
The system worked.
I will summarize several entries that exemplify our compliance standards.
On February 10, the trust purchased $1-5M in Dell Technologies stock. On May 8, at a White House Mother's Day event, the President of the United States said — on camera, into microphones — "Go buy Dell." The stock surged 14.6% to an all-time high of $263.99. Dell's founding family had pledged $6.25B to affiliated financial accounts the previous December.
This is compliant. The disclosure was filed within the statutory window. Schedule C, Addendum J — I verified the columns personally.
On January 6, the trust purchased $500K-$1M in Nvidia. 1 week later, the Commerce Department approved the sale of Nvidia H200 chips to China. On February 10, the trust purchased an additional $1-5M in Nvidia. The following week, Nvidia announced a major partnership with Meta. The CEO of Nvidia had been cultivating what the press corps describes as a "close personal relationship" with the President.
Also compliant. Both transactions filed on time. I color-coded the Nvidia entries green. Green means technology sector.
Palantir Technologies required its own subsection. The trust purchased $65-150K in January. Sold $1.1-5.3M in February — the same month the Department of Homeland Security signed a $1B Palantir contract for immigration enforcement. Then purchased another $200-500K in March, after the Pentagon awarded a separate $1B Palantir AI contract.
Buy, sell, buy. Each transaction disclosed. Each form complete. My team processed the Palantir cycle in under 4 hours. I nominated them for the Distinguished Processing Award.
Some trades carried a designation I should explain: "unsolicited." This means the trade was not broker-recommended. The filer or their representative specifically requested it. The large purchases of Apple, Microsoft, and Amazon — all unsolicited. This is not a flag. This is a checkbox. We check it. The box is checked.
Intel deserves mention. The trust increased its Intel position beginning in March — after the federal government acquired a 9.9% equity stake worth $8.9B, now valued above $41B. On April 30, the President posted on Truth Social congratulating Intel. The stock rose 3%. Intel is up 140% year-to-date. I color-coded Intel blue. Blue means strategic national interest.
On April 9, 2025, at 9:37 AM, the President posted: "THIS IS A GREAT TIME TO BUY!!! DJT." 3 hours and 47 minutes later, he announced a 90-day tariff pause. The S&P 500 gained $4 trillion in a single session. Trump Media stock rose 22.67%. The President's 53% stake increased $415M before the market closed.
The President's annual salary is $400,000. These are separate line items on Form SF-278.
This was not on our forms. The President's social media posts are not financial instruments subject to disclosure. They are communications. We file communications in a different cabinet.
The trust also executed 9 Coinbase purchases and additional transactions through Robinhood and SoFi — while the administration signed pro-cryptocurrency executive orders, proposed a federal bitcoin reserve, and the Department of Justice dissolved its National Cryptocurrency Enforcement Team. Robinhood served as custodian for several affiliated accounts. Combined crypto-adjacent holdings: $11.6B. Income from crypto in H1 2025: $800M.
Fully disclosed. Every form filed.
The Commerce Secretary appeared on Fox News and told viewers to buy Tesla stock. This is not within our jurisdiction. We process OGE forms. I have forwarded a memo. The memo has been filed.
The late filings require a note. The STOCK Act mandates timely disclosure. When reports are filed late, the maximum penalty is $200. $200. That is the maximum penalty under the STOCK Act for late disclosure of stock trades executed by the President of the United States. The filing fee for a single LLC in Delaware is $250. The President acknowledged the fee. We acknowledged the acknowledgment.
People misunderstand what "ethics oversight" means. The word "oversight" contains both "sight" and "over." We see it. Then it is over.
My office has 74 employees. We can review, advise, recommend, refer, flag, note, catalog, and file. We cannot block a trade. We cannot delay an executive order. We cannot freeze an account. We have no subpoena power. We have no enforcement mechanism. We have a filing cabinet. It is a very organized filing cabinet.
I should mention the blind trust. I drafted the implementation memo in 2017. Memo OGE-2017-041-R. 14 pages. Proper margins. Every president since Lyndon Johnson used a blind trust or equivalent. Jimmy Carter sold his peanut farm. Barack Obama held Treasury notes and index funds. Joe Biden maintained a blind trust.
My memo recommended voluntary divestiture or a qualified blind trust within 90 days of inauguration. It was received, acknowledged, and filed. Filed is the final stage. After filed, there is nothing. Filed is where recommendations go to be preserved.
The trust is managed by the filer's adult sons, who simultaneously operate the family's private real estate and licensing business. My former director, Walter Shaub, called the arrangement "wholly inadequate" and "not a blind trust." He resigned in 2017. I was promoted to manage his filing backlog. His concerns were documented, stamped, and archived. Third shelf, first cabinet.
A new analyst asked me last month why we don't refuse to process the forms. I explained that refusal is not a stage in the compliance lifecycle. The compliance lifecycle has 4 stages. None of them is refusal.
A law professor at Oxford described the aggregate pattern as "potentially the most far-reaching securities fraud in history." This is an academic opinion. We do not process academic opinions. We process Form OGE-278-T. The form has been processed.
The new STOCK Act reform bill in committee would ban congressional stock trading. It explicitly exempts the President and Vice President. It reduces our projected caseload by zero.
The Treasury Secretary has publicly endorsed banning stock trades for members of Congress. Our office processes 60 executive branch trades per day. These are compatible positions.
Senator Warren called the volume "unprecedented." She is technically correct. We have never processed this quantity before. I had to requisition a second filing cabinet. Form GSA-3402. Walnut finish. It is beautiful.
"Conflict of interest" is a documentation category, not a prohibition. When we identify a conflict, we document it. When we document it, we have addressed it. When we have addressed it, the file is closed. This is the compliance lifecycle. It has 4 stages and a laminated flowchart.
The system does not exist to prevent. The system exists to create a record that the system exists. The record is the product. The product is the record. We are in the record business.
We are fully staffed. We are well-funded. We are operational.
Cumulative transaction value for Q1: $220M-$750M. The next quarterly filing deadline is in 9 days. I expect volume to increase.
I have requested a third cabinet.
Show more