[khazhoux]

> who contributed months/years of sweat equity as well as actual capital

Very often not true in silicon valley. The only sweat equity most founders contributed was toiling through coffees and get-togethers on University Ave or SOMA for a few months until they got the seed money. Then they hire engineer #1 at 1/80th their own equity.

Founders at funded startups pay themselves.

During an acquihire, founders get executive roles, salaries, bonuses, and equity, while "non-founders" are just back to the grind.

The notion of "founder risk" in SV-style startups just doesn't exist like it did a generation or two ago.