After the IPO, the founders owned ~30% of the company. If you own that much equity: - you don't need a salary, and - it's already in your best interest to mak

After the IPO, the founders owned ~30% of the company. If you own that much equity: - you don't need a salary, and - it's already in your best interest to make the company more valuable People who are hired from outside need to be paid a base salary, but should expect to make most of their money from increasing the value of the company, hence the need for equity grants or equity option grants.