Is There a Difference Between Employee Shares and Options on the Stock Exchange?

Facebook was the last company where there was actually a relatively liquid secondary market in pr i po stock. After facebook, companis stopped giving out equity to their employees and started giving like, non equity equity to their employers. When you have these r s us and these options, these ouptions become much more difficult. The company has much more control over who can buy and sell and how they can buy andsell. And it becomes much, much harder to get liquidity for employees.