those thinking that the 'insiders still retain significant skin...

those thinking that the 'insiders still retain significant skin in the game', yet they do, but they probably already sucked a lot of their own personal wealth back out as a risk insurance measure.

Go through the IPO documents, look at all the debt just before listing, but look at the nature of the debt, it wasn't all to external banks, a lot of that debt was 'owed' to the Pratt extended family in one form or another.

Im lazy to all the financial breakups, but step back for a moment and think what would YOU do if you were a billionaire
(a) employ the best tax accountants in the country
(b) employ the best banking advisers in the country
(c) employ the best 'asset structurers' in the country.

So a quick overview:
(a) Use family controlled debt assets as this reduces personal risk (especially if that debt is high ranking), instead of just equity
(b) prior to listing make sure all the debt is structured correctly
(c) at IPO say that majority of proceeds from sale are to be used to 'repay debt' (when actually its family owned debt)

POST IPO you still have 'skin in the game' through significant equity ownership, but the proceeds have been used to repay your debt.

So effectively you have got a good portion of your money back out, but are still left holding a significant portion of the equity in the newly listed IPO.

The media doesn't pick up on this, just presents what it is told.