[caslon]

The IPO isn't a guaranteed thing, look at WeWork. Further, an IPO isn't immediate.

This nonsense took people from millionaires to "I don't know, let's Let The Market Decide (but not any relevant participants, only speculators)."

An exit is a one-and-done. You can do whatever you want with the money, it's yours.

An IPO means you're locked into a potentially-doomed company for three months after, solely for the good of people who did nothing to deserve anything.

Look at the VA Linux IPO; it took people from on-paper millionaires to completely broke in just the window of not being allowed to part with shares. Six months for Facebook RSUs.

This putting aside the potential privacy risks inherent to the IPO process. Have 5%? Guess what's now public knowledge? Some S-1s even list shareholders with fewer than 5%.