I suspect it's the VC pressure. VC's are mid-term owners, needing to return cash to limited partners 5-7 years after funding.
Going public should be a way to swap VCs out with pension funds and other long-term holders. Unfortunately, our public markets, while doing some of that, also swap in a bunch of short-term holders (who, fairly, are needed in some quantity to give the long-term holders the option to "exit" their position freely as well as know, to some degree of confidence, how much their stake is worth).
Going public should be a way to swap VCs out with pension funds and other long-term holders. Unfortunately, our public markets, while doing some of that, also swap in a bunch of short-term holders (who, fairly, are needed in some quantity to give the long-term holders the option to "exit" their position freely as well as know, to some degree of confidence, how much their stake is worth).