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Can a bunch of wealthy people force Facebook to go public?
@Alex B's answer hits most of it, but leaves out one thing: most companies control who can own their non-public shares, and prohibit transfers, sales, or in some cases, even ongoing ownership by ex-employees. So it's not that hard to ensure you stay under 500 investors.   Remember that Sharespost isn't an exchange or clearinghouse; it's basically a bulletin board with some light contract services and third-party escrow services.   I'd guess that many of the companies on their "hot" list explicitly prohibit the sale of their non-public shares.