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Don't think that some paper equity gives your employer more loyalty to you

I agree, when the startup piggy bank runs out, the paper equity doesn’t mean much, speaking from personal experience.

If you're an employee (no equity), be assured your employers don't care about you when the money starts to dry up

Plot twist: they don’t care about anyone holding mere common stock. That’s why “preferred stock” became a thing.

> This is stuff everyone learned in the 90s bubble.

This is stuff every generation learns during every major recession. During the boom times, when business is good, the company treats its employees well and everyone thinks the company will always take care of them. Recession hits and reality smacks you right across the face.