It's not uncommon to sell your personal shares in the IPO.
Even if you don't sell your own shares, selling 10% of the company at $5 billion (no pop) is strictly better than selling 10% of the company at $3 billion (assuming a 60% pop to $5 billion). The company has more money and you own the same portion of the company.
Even if you don't sell your own shares, selling 10% of the company at $5 billion (no pop) is strictly better than selling 10% of the company at $3 billion (assuming a 60% pop to $5 billion). The company has more money and you own the same portion of the company.