The conventional story of capitalism is that founders build, go public, and gradually let go. The story of Roger Penske is different. His company began as a founder-controlled private business, became a founder-controlled public business, and is now returning to private ownership while remaining under founder control. In many ways, the transaction marks not an exit, but a return to where the story started.

Why are fewer companies going public? While regulatory burdens often receive much of the attention, the reality is more complex. Today’s companies have access to vast pools of private capital and attractive acquisition opportunities, allowing them to stay private longer or sell before reaching public markets. SEC Chair Paul Atkins argues that revitalizing public markets is important because IPOs historically gave everyday investors access to the growth of America’s most succe