As quoted above, a TEE is a hardware-backed secure area of the main processor (like ARM TrustZone or Intel SGX). Technically speaking, the TEE is just the hardware fortress (exceptions exist like TrustZone) whilst a Content Decryption Module (CDM) like Google’s Widevine, Apple’s FairPlay, and Microsoft’s PlayReady use the TEE to ensure cryptographic keys and decrypted media buffers are never exposed to the host operating system let alone the user’s browser. For the purposes of this article, I may at times refer to them interchangeably but all you need to know is that they work together and in any case, the host OS can’t whiff any of their farts so to speak.
Such transactions have become increasingly common among private companies using liquidity as a retention tool. Recent examples include Stripe, which this week said it would allow employees to sell shares at a $159 billion valuation, as well as Clay, ElevenLabs, and Linear.
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