, 3 tweets, 1 min read Read on Twitter
This is a thread that I would encourage employees at startups to read; it is under appreciated how much of the value of equity compensation is contingent on the company being a breakout success.

(Also underappreciated how many folks end up getting grants at breakout successes.)
Many people believe, and I think I once believed, that equity rounds to zero.

I think this rounds to true at the seed stage, but the vast majority of equity grants (by count) are at companies which have been materially derisked. It is a really bad idea to value those grants at 0
Also to tiptoe up to a line here: remember every time you hear numbers discussed publicly that you’re hearing the numbers that people are comfortable discussing publicly.

You are not hearing the top of the range. (Same for basically every Glassdoor article, HN thread, etc.)
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