The “funny” thing about the equity-employee dynamic is how quickly it reverses when a liquidity event is actually approaching that employees aren’t aware of. For example, I learned after the fact that Maker Studios bought Blip purely to better position its sale to Disney — i.e., the flip to Disney was already in the works when Blip was acquired. Maker had scaled like a tech company but compensated like an entertainment company, which meant that very, very few Maker employees had any equity at all (and were paid modestly otherwise). As an incoming VP, I was grudgingly granted a laughably small amount of options; when I requested valuation information or a simple cap table or anything that might indicate comparative worth, one HR rep replied querulously, “Are you allowed to ask about that?” This was great for investors of course, since it meant very little equity was outside their hands. I even heard that [prominent Valley VC investor] specifically warned the board against granting any employee options, ever, to maximize their own personal return. But, you know, we’re all in this together!