While you're right that long-term matters more, you have to think about the short term implications: - People who joined late-stage, and that may have taken a

While you're right that long-term matters more, you have to think about the short term implications: - People who joined late-stage, and that may have taken a lower salary for the upside once they IPO'd. - Recruiting new people could be come a lot more difficult if the perception is that the stock is worth a lot less. On top of that, after patiently waiting for years that an IPO is going to be when the fruits of their labor are reaped, but no actually it could be much later than that is not likely to help retention.