I hope they never go public (also as an ex-Stripe!)

I can't really see a net-positive benefit to having public shareholders and reporting requirements. Do we think Stripe's leadership needs feedback from random investment advisors or analysts? Do employees need the distraction of daily-updating stock prices? Would quarterly reporting incentivize better decision making?

In my opinion: ehhhhhhhhhhhh

I see the benefit, but if you're joining Stripe you know the trade-off of RSUs in a company that doesn't provide daily liquidity. They provide it on a regular basis, so you're not locked in forever (a la my 2014 Gusto shares).

I'm sure they already have more than the 500 non-accredited or 2000 accredited shareholder total that would trigger most of those reporting requirements anyways. So Stripe already has most of the drawbacks of being a public company without the benefits.

I'd say it has advantages and disadvantages.

One advantage is that whales can't play around with the stock price, say VCs dumping stocks at an unfortunate moment and putting pressure on the price. But it's also just wall street folks doing price manipulation for options schemes that can be an issue (it's illegal but has low enforcement if you are rich and well connected). Also lower chance of activist investors, and less of a quarterly pressure to show nice numbers, etc.

The advantage is also a disadvantage: minority shareholders of non-public companies have much less rights than those of public ones, and that includes employees. That's part of why you are dependent on the founder's goodwill on whether a startup exit can screw over rank and file employees or not. I'm not sure how much that danger is still out there if the company is doing tender offers, but it might still exist actually. Similarly, you can structure tender offers in a way that say former employees are disadvantaged, and many other arbitrary criteria.

Note that this depends greatly on the jurisdiction, e.g. in Germany there is legislation that's unfriendly to minority shareholders even for public companies, e.g. visible in the Varta takeover, imo part of why the idea of adding stocks to pensions will be ripe for money grabbing schemes of whales against the smaller owners.

Also employee of private company with tender offers, but not Stripe. Opinions my own.

Do very many companies provide daily liquidity? Most of my time getting RSUs have had trading windows, once a quarter if you're lucky.

Also ex-Stripe. This suggests an opportunity to build an exchange that addresses these problems. Could one build an exchange with deliberate "turn-based" liquidity to avoid the problem of daily stock price distraction, for example? (This is hard because there will always be secondary markets, but presumably this is already the case.)

I get the feeling that the founders will not bend and invest for long term and not quarterly, as a non ex-stripe at least judging by their patience to IPO

The latest self funded tenders have been pretty tiny. I wouldn’t term it as “liquidity” as much as a symbolic gesture.