alt Hacker NewsAgain, that doesn’t make the assets particularly liquid. They did this and that’s fine, but if they hadn’t done this you’d be stuck with a piece of paper even after the lockup period ends.
Until traditional RSUs that once they are vested you can sell them, with few exceptions
Indeed, it's not guaranteed. But now it seems to be expected for those large private companies to unlock employee equity at regular intervals (I'm not sure it was the case 5-10y ago).