And if you do happen to be part of the 10% that make it odds are you won’t get paid out as much as if you had just gone and worked for a FAANG.

Yeah, and once it starts to boom, the dilution of shares is crazy because the investors start to pile into their pool (which is also your pool if you're an employee). Founders shares are really the only good ones, because that pool doesn't dilute the more money they raise. I'm not sure if this is always true but when I started contracting for startups I hear a lot about this.

Even the ones that don't fail usually don't work out that well for employees because of liquidation preferences. It only takes one down round or mildly successful acquihire to wipe out employees.