On Friday, the Securities and Exchange Commission voted 3-1 to allow small investors to buy stock in startup companies via online crowdfunding, reports Reuters and AP.
Before the new rules, private companies could seek money only from "accredited investors." That's defined as individuals who own more than $1 million in assets, excluding their primary residence, or have maintained an income of more than $200,000 for at least two years.
Under the new rules, those with more modest wealth will be able to invest in startups, with limits.
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