> But at some point, the boss would say "alright, no more raises".
Not because $100 is too much, but because you've annoyed her by asking too many times. $100 is still trivial in value to the business.
This still is refusing to consider the marginal case, which is what the OP was asking about. At some point, even if asked the first time, a boss might refuse a $100 raise. They would still take the $100 for equity deal.
The point was just a thought experiment to show that equity has more than 0 value.
Thank you.
It is quite something that the best objection HN can offer to "Equity has no value" is "Surely it's worth at least five cents an hour."
OK, equity is worth five cents an hour. I admit it! Let's all negotiate with that in mind.
I was making a rhetorical point against the idea that it was worth zero. I was not attempting to actually put a value on anyone's equity.
It's quite something that you apparently couldn't tell the difference between those two things.
At that point, you could say "I'll give up all my equity for another $100", at which point the boss would jump to agree.