Public vs. private probably doesn't matter all that much. I've had equity compensation from most of my jobs, and I never really felt strongly GP's statement of "What's good for shareholders is also good for [...] tech employees". My company's (public) stock could double and it wouldn't materially affect my lifestyle. For non-public companies I've worked for, the equity usually ended up worth $0. In one company, I was able to sell all my equity at the height of its stock prices, and made maybe enough for 2 months of rent. I think the idea that equity allows employees and companies to share success is kind of overblown.

Interesting. Equity comprises about 50% of my compensation, at my current (public company) job, so changes there do have a significant effect on my overall compensation. That said, since it's not entirely predictable, I still treat it as "bonus" money and try to live only on my salary.

Agree on non-public companies. I've been part of three, one is still going 10 years after I left and two were acquired. Net value of my equity was $0.