For one, the FB IPO was the first time most people could play any part at all in Facebook as a company. It is a little bit difficult to figure out how to argue

For one, the FB IPO was the first time most people could play any part at all in Facebook as a company. It is a little bit difficult to figure out how to argue with someone who sees absolutely zero value in public markets, but let me ask you this - how does anyone who meaningfully participated in the building of Facebook (using your critera) convert their ownership of the company into cash? Are you arguing that all companies should just remain private and the shareholders simply receive dividends as a return on their investment?