If they believe in their valuation why shouldn't they just IPO? Is it really gonna matter if they IPO at 100B or just 60b?
And if they are in fact a 100B company then supposedly at some point the public market should price them "correctly".
And if they are in fact a 100B company then supposedly at some point the public market should price them "correctly".
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.
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.