> if the company tanks, the investors lose every dime
If you choose a $90k job + equity over a $130k job, and the company tanks 2 years later, you've lost every dime of that 80k.
It's a bit different since your "investment" consists of 24 tranches, but that's more than balanced by the vesting schedule which gives you nothing for a year (despite accepting your investment immediately), and takes it all away if you stop investing.
If you choose a $90k job + equity over a $130k job, and the company tanks 2 years later, you've lost every dime of that 80k.
It's a bit different since your "investment" consists of 24 tranches, but that's more than balanced by the vesting schedule which gives you nothing for a year (despite accepting your investment immediately), and takes it all away if you stop investing.