First off, +1. It’s interesting to see this break down as a company gets bigger. Tons of public company employees have fully vested stock, but this shared ownership doesn’t result in the same good behavior. I wonder if an interesting metric for large company symmetry might be % of inside equity.

Also intriguing is the 50% number. Would it still be 50% if you had 10 founders? 2? Is 50% the right number to reserve for management full stop, or is it arbitrary? How do you think about that?