I think for anyone who has been intimately involved with this last generation of "unicorns", it really does not look like an "exit" if that means bankruptcy, end of the company, betrayal of goals, or what have you: for a high-growth startup of approximately ten years, finding liquidity for employees is perhaps counter-intuitively a sign of deep maturity and that the company is concerned for the long haul (and that investors/the market believe this is likely).

At about the ten year mark, there has to be a changing of the guards from the foot soldiers who give their all that an unlikely institution could come to exist in the world at scale to people concerned more with stabilizing that institution and ensuring its continuity. In almost every company that has reached such scale in the last decade, this has often meant a transition from an executive team formed of early employees to a more senior C-team from elsewhere with a different skillset. In a world context where the largest companies are more likely to stay private than IPO, it's a profoundly important move to allow some liquidity for longterm employees, who otherwise might be forced to stay working at the company long past physical burnout.