Just as bad for whom? I think the big difference is that with a public market for their shares, Stripe itself probably wouldn't need to sell new shares in "dow

Just as bad for whom? I think the big difference is that with a public market for their shares, Stripe itself probably wouldn't need to sell new shares in "down rounds." Yes the stock price would fluctuate on the secondary market and certainly would have dropped since 2021, but equity holders wouldn't be dependent on Stripe raising funds or organizing tender offers to sell.