> Setting your price too high and then crashing your stock is worse for the company due to tax implications and overall investor sentiment.

Raising double the money is a bad thing due to "investor sentiment"? What tangible negative impact does that have on Airbnb. You're gonna need to explain this one. Because it really sounds to me like repeating a talking point told by a counterparty.

They handed over boatloads of money because that is the toll that Wall Street firms exact in illiquid markets and that is how Wall Street firms make money.

I'm not saying that they were screwed over.

> all he said was it makes the stock market look bad when some people double their money in a day.

That is one part of what he says, very misleading. He describes it as an "error" that is due to a flaw in the "way Wall Street is organized" (ie. around capitalizing on IPOs). That's more than just saying the markets "look bad".