Secondary stock sales have become an important tool for startups to retain employees. From 2014-2016, over $3.6 billion was transacted through secondary sales on Nasdaq Private Market. This allows employees to gain liquidity while companies stay private longer. As valuations rise in the private markets and more late-stage funding rounds occur, startups are behaving more like public companies through mechanisms like private IPOs (PIPOs) which exceed traditional IPOs. This emerging trend has led to a decline in exits as companies stay private for longer to continue growing without post-IPO pressures.