Private-company tender offers can limit how much an individual sells; after a company goes public and its lockup expires, shareholders generally have more unrestricted access to liquidity.

“But you know, you'll have a, you'll be limited in how much you can sell. Um, you know, now once a company's gone public, once they've gone through the lockup, you know, which is anywhere from, you know...”

“So it used to be h- just 90 day, or 180 days, six months, and now it's kinda like every company has a bespoke lockup that's, like, dribbled out. Some are shorter, some are longer. Uh, but it's kinda like unrestricted access, and you can generate liquidity for your employees, um, help morale, whatever.”