How do your Airbnb hosts exit their positions? Who do they sell to? The more I think this through, the less sense I think it would make. 1. VCs won't buy tiny

How do your Airbnb hosts exit their positions? Who do they sell to? The more I think this through, the less sense I think it would make. 1. VCs won't buy tiny quantities of equity from these hosts. 2. If they're expected to sell to other individuals, you've essentially recreated the stock market. 3. If they're expected to wait until Airbnb IPOs, well Airbnb now has even less reason to IPO. They can finance in such a way that they can sell equity, but no one else can ever sell equity.