Sure, that is pretty crappy. But I liken that to employees who build their budgets and personal financing around bonuses. Nice to have, but not a guarantee and wrong thing to assume you'll get them. Always assume equity will be zero, IPOs benefit C-levels and investors heavily.

I can't find much on reddit's equity offerings for employees but I imagine it's, at best, a pittance. Their other benefits are top notch though. No wonder they "don't turn a profit".