I think not revealing individual employees stocks is probably fine with most employees if the company doesn't have public salaries. You would put that in a sum

I think not revealing individual employees stocks is probably fine with most employees if the company doesn't have public salaries. You would put that in a summary 'employee stock' category in the cap table. "difficulty recruiting as candidates get soured by the prospect that investor's real equity is better than their sweat equity." So basically looking for useful idiots as they really realize that the startup is definitely not a good deal? They are investors after all, but investors without full disclosures.