It is primarily about that (q.v. my post on RSUs). But if this reaches an extreme where hundreds of non-accredited investors (very) indirectly hold ownership i

It is primarily about that (q.v. my post on RSUs). But if this reaches an extreme where hundreds of non-accredited investors (very) indirectly hold ownership in a private company, it's far more likely to raise regulatory and legislative eyebrows. Today, I presume they don't need to hassle with non-accredited investors because the demand is so huge. But the door would seem to be open to this in the future since there's not much to stop it, possibly apart from Facebook's control over transactions. I admit it's a far-ahead concern. But it's a real danger.