[no_wizard]

Again, that doesn’t make the assets particularly liquid. They did this and that’s fine, but if they hadn’t done this you’d be stuck with a piece of paper even after the lockup period ends.

Until traditional RSUs that once they are vested you can sell them, with few exceptions

[tonfa]

Indeed, it's not guaranteed. But now it seems to be expected for those large private companies to unlock employee equity at regular intervals (I'm not sure it was the case 5-10y ago).