I wonder if there's an impact from the increase in startups? Since most early employees are getting paid in equity rather than real dollars wouldn't there be a

I wonder if there's an impact from the increase in startups? Since most early employees are getting paid in equity rather than real dollars wouldn't there be a stagnation for a few years until the equity is transformed into cash? Also any conversation about wage stagnation has to take into account collusion, in recent years Google, Intel, Adobe and others were avoiding poaching each other's employees.