>>> The points in the post are reasonable provided there's fair equity for the employees (which I believe is disclosed prior to joining - I have no knowledge about dilution, preference etc).

That's why you don't understand. Long story short, employee's equity is worthless because it will always be reduced to nothing by dilution/preference and even if the company grows a hundred fold.

There are only two people who benefit from a (very) successful company, the founder and the investor.

The first point of the article, that the founder expects employees to care about the company as much as him, is delusional. Folks here understand that because they've been burned before.

There's no reason for employees to care so much about a day job because they will get nothing beyond their regular salary. If anything they are risking quite a bit by working for a smaller company.