Capitalists call it “dilution”

Go find a startup right now that is on the Series A-F pathway

Each new investment incurs ownership dilution. Based on what? Did the employees vote for this? Never

PE broadly and dictatorially controls the flow of capital as a class - they also mostly collude for deals - so early employees have zero say about these dilution actions

If the only solution is to not play (eg “well then go somewhere else/start your own”) then the structure is fundamentally flawed and needs to go away