If you join a startup, and have equity that isn’t special in some way (defending against liquidation preference or dilution), you’re the sucker. You’re just going to grind for someone else’s payday when a deal is made in a room you’re not in. You’ll only be made rich if someone with the power to drive the decision thinks you should be. As always, it’s who you know and being likable.

I’ve thought about this comment, and am replying to it to amend it (as the edit window has passed). I made this comment based on observations I’ve seen during this AI investment bubble and before it. Most times, common shareholders get the short end of the stick. But I will add, there are some “less than the majority” situations where I have seen employee shareholders treated with dignity and respect, and provided access to liquidity accordingly, and I would be remiss if I did not call that out. It will be challenging to know ahead of time, but there are decent people out there who won’t take advantage or use their power against you economically (imho). “Be lucky” is unfortunately not actionable.