Thanks @Yoric for speaking out. I suffered from a similar situation early in my career as a developer, and it was far from pleasant.
This happened in a very early stage, self-founded startup in France (was the third person to join). Took me time to realize the situation was really bad and unescapable: I was young and lacking experience.
To employees: don't wait to be fired or to reach your breaking point. You're on the way to serious burnout. There is something out there called the market that is redistributing talents. So get out.
To managers: don’t be that boss.