I suspect the cause is the shift in how startups are viewed in Silicon Valley. Even though there&#x27;ve been startups here for a long time, they were always considered risky, marginal and low-status. So the supply of potential employees was low and the early payouts you&#x27;re thinking of were paying people for taking a risk.<p>Today startups are considered to be glamorous. They have access to a lot more investment and potential employees. The whole country seems to be making a beeline to pony up for the high rents because the salaries more than compensate for it. There&#x27;s no longer much risk of lost earnings. Is it any surprise that the equity has gone lower? Arguably the valley as a whole has taken the deal suggested in OP: more salary, less equity.