Even if they disclose cap table upon hiring (which i agree likely they won't) - they are not obligated to keep doing that. So 1-2 yrs down the road - the picture will quietly deviate away from employee's rosy dreams and harsh reality will become visible upon (low probability) exit.
Aye this is a fair point, but ultimately it's self defeating for the employer as their comp model is selecting for employees with irrational hope or those whose market value is comparable to salary only comp.
The startups greatest asset in hiring has always been the ability to create outsized reward for employees who will accept higher risk. It doesn't make economic sense for public companies to be capable of matching or exceeding startup equity comp on successful exits.
