I'm cynical as ever, but I think it's a cash out.
There's not a better incentive to build a better product when they ran most of the independent boards into the ground, leaving them at a relative high.
I don't think there's a universe they can compete with free when interest is going up. All the reversals and user hostile policies are going to drive people away, how quickly that bothers Hoffman, the board and ohanian is probably just a matter to how quickly they can unload through the IPO.