This is a wonderful article and kudos to the author for his moral sensibility here. The lack of liquidity and anti-dilution rights for any except a handful of key persons is a dirty secret of Silicon Valley. Most startup employees do not end up better compensated than they would at a larger company on a net present value basis even when their startup is successful -- and they don't as easily get liquidity along the way although there are more private secondary market brokers than there used to be.
The other angle worth observing here is the tax angle. In many cases, the founders are taking liquidity at valuations that are only loosely tied to tax valuations of the company. These valuations are fine for the founders and preferred by the buyers/investors, but undercut the premise of the tax system that was redesigned after the options backdating scandals of the early 2000s, in part, to ensure that taxes were getting paid in accordance with the actual capital gains.
The other angle worth observing here is the tax angle. In many cases, the founders are taking liquidity at valuations that are only loosely tied to tax valuations of the company. These valuations are fine for the founders and preferred by the buyers/investors, but undercut the premise of the tax system that was redesigned after the options backdating scandals of the early 2000s, in part, to ensure that taxes were getting paid in accordance with the actual capital gains.