#2 is wrong.<p>I know it&#x27;s fun to say it that way, but it&#x27;s wrong. If you work at a startup try going to your boss and saying &quot;I&#x27;ll give up all my equity for a $100&#x2F;year raise.&quot; They will say yes (modulo a conversation with you about how that&#x27;s a really bad idea for you).<p>It would be fair to say that a lot of people overestimate the value of equity a lot of the time. But that&#x27;s not the same thing as what the author says.