Stock dilution from additional capital raises. Random Shopify employees may not have as much stock as you think they do.
They were public 3 years ago. What dilution? Did they raise Money when public?
Dilution of Google talent
12.5x on 200k stock is still only 2.5 mil before taxes..it's not life shattering money for people to retire on alone. Sure people that joined 6 years ago have done better. But they would have also had to held on to stock and not sell at 36, 50, 100, 120, ... Until 450.
Did it ever occur to you that people who join a startup before it explodes in valuation might actually be there because of passion for the service/product and not just money?
No
lol