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Yeah, but as I understand it, employees can usually only sell about 20% or so in secondary offerings. Six months after the IPO, they can liquidate 100%.



They also don't get a real market price for their shares.


Good point. I wonder what the numbers are on how this affects the returns for employees.


Usually it's more like %10 of vested earnings, which ends up being something like %2.5-%5 of their stock.




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