With the IPO markets dwindling and acquisitions and secondary markets growing as new avenues for liquidity and exits, I’m curious why this topic isn’t brought up more frankly.

I have witnessed many cases of startup founders selling equity as secondaries, selling during tender offers, etc but NOT extending these opportunities to early employees.

I have even seen founders take out lines of credit from big banks, with their equity as collateral.

Is it foolish to be an early employee or advisor of a startup and not insist on having tag along rights? Given that the likelihood of an IPO is decreasing with time, and founders are enriching themselves via secondary markets.

Early employees could have a lot of theoretical stock, but real opportunities for liquidity seem to be decreasing.