For what it’s worth, Epic is a private company and employee upside has been capped in the sense that compensation has been mostly cash (and not Netflix tier cash). Exposure to equity may been a better way to share in upside and ensure some buy-in.

IMO investing in a marketplace was fine, but hemorrhaging money for 7 years on non-performant software + free game bundles is probably not defensible from an executive standpoint.

In my experience the buy-in you get from employee stock programs scales inversely with the head count. I worked for a huge company that gave out stock options. Nobody was really motivated by the stocks, because the company was so large your individual contribution meant exactly nothing unless you were at least a VP. A vesting bonus of some kind would have done just as much.