I feel like the lofty valuations of very early-stage companies these days really creates an unfair dynamic for early employees. I've seen people claiming $5MM

I feel like the lofty valuations of very early-stage companies these days really creates an unfair dynamic for early employees. I've seen people claiming $5MM valuations for fancy powerpoint slides and no product, which seems really high to me. The founders then recruit people and give out equity based on these sky-high valuations despite no product or real offerings. Early employees end up sacrificing significant pay in exchange for equity that is priced far higher than it actually should be.