They put off IPO (for some reason), carried a huge internal private valuation, and have 1000s of employees sitting on paper RSUs waiting that IPO. Now it’s going to be either impossible to do or, if they force it, will be at a significant reduction of their private valuation.
And if they are in fact a 100B company then supposedly at some point the public market should price them "correctly".
Especially as, very likely, a person choosing to work there likely believes in the business to some extent.
The counter argument would be: “the moment these get liquid I’m selling, then quitting to pursue XYZ thing” in which case the potentially lost half decade of time is a big non financial cost.
Let’s ask all the employees who have been told they have $1mm in stock only to find out they in fact have $600k, etc.
But also, as an employee, wouldn't you rather have 600k in a public company than 1m in a promise that may or may not substantiate? And if you do believe that it's a 100b company you can just hold.
Absolutely, same situation, same unhappy people. This story has played out dozens of times and is well documented.