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caffeinade said:

What can Microsoft really do.
Offer Gabe billions of dollars, Gabe already has more money than he could ever spend.
An IPO would probably earn Gabe more money than Microsoft is willing / able to pay anyway.

https://www.youtube.com/watch?v=0d6yBHDvKUw

I personally don't think that Gabe will sell Valve... but this argument is a bit flawed:

George Lucas also already had more money than he could ever spend. And if he had produced the new Star Wars movies himself, he would probably have earned more money than Disney was willing to pay him. Nevertheless he sold Lucasfilm to Disney.

So there have been precedences going against common sense.