You know all those employees that you gave equity to in order to lure them onboard? Well, you've got a few options at that point. You can go public so they can cash out. Or you can do some kind of revenue-sharing scheme so they can get cash. Or something. Point is, you have to make good on your promise to them (their equity) at some point or they're all going to quit.

There is that issue, but surely not all startups offer that?

Equity investors of all kinds will eventually want to liquidate.

You don't think most employees are smart enough to realize options in most startups are like lottery tickets? Yeah, you might win, but the probable value is zero or close to it.

Yes, but in this case, they have a winning lotto ticket that is hard to cash.

I wanted to ask this same question. I know the public market is very important to our economy, but I feel like for so many companies, going public optimizes them for the wrong things.

They answered this recently I think in an AMA. It's to do with legacy and making sure the great thing they've created doesn't die.

It becomes less about the money rather quickly.