Uber’s early employees, investors, and founders were racing to cash out their shares for a steep 30% hair cut to the company’s vaunted $69 billion valuation it had before its disastrous 2017.

Uber apologists insist there’s nothing to make of that. Investors and early employees profit take all the time! It’s just because companies are taking longer and longer to go public!

A lot of people cite the 2009 deal, when a lot of Facebook’s early employees and investors took advantage of DST’s offer to buy their shares. Sure, a lot of early employees and early investors sold some shares. But Mark Zuckerberg certainly did not seek to offload 50% of his shares, as Travis Kalanick did. Co-founder Dustin Moskovitz didn’t either. Even after the IPO, Moskovitz only sold a small fraction of his $2.9 billion worth of Facebook even though he’d since moved on to co-found Asana. When the lock up expired, Zuckerberg sold enough to cover his tax bill...