Find XO: Decagon's $4.5 Billion Valuation and Employee Liquidity Implications (techcrunch.com)

- Decagon conducted a tender offer allowing employees to liquidate their shares based on a $4.5 billion company valuation. - This represents an opportunity for employees, who previously had to wait for an IPO or acquisition, to convert their compensation into actual cash. - For founders offering equity compensation, this means that the amount and timing of liquidity become factors in persuasion. - Of course, offering a liquidity opportunity alone does not guarantee employees will stay long term.