Sure, if you knew you were getting a $100M exit in 5 years a rational agent would even agree to a $0 salary. A bank would gladly give them a $1 million loan for all of their life expenses until then, given the certainty of being repaid.
Unfortunately, these things aren’t certain and are contingent on many things including those that have nothing to do with technology.
It’s unfortunate because people have a bias towards guaranteed present value (cash) over expected future value (equity) which gives incumbents a natural advantage.
I feel like if you're working at a startup, you value some things more than just straight cash. Hour for hour, I'm fairly certain FAANG pays more than all but a few startups.
Unfortunately, these things aren’t certain and are contingent on many things including those that have nothing to do with technology.
It’s unfortunate because people have a bias towards guaranteed present value (cash) over expected future value (equity) which gives incumbents a natural advantage.