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He would’ve screwed you anyway. “Equity” is so laughably easy to dilute to nada in startups through various means that there are numerous articles and parodies of it out there.
I worked for a startup that didn’t meet its VC’s “valuation” goal even though we were stupidly profitable nearly from day one. Market-forces driven downround. When I left, the options I had were previously promised to be worth hundreds of thousands but because of dilution, weren’t worth the paper they were printed on. I didn’t let them give me options “in lieu of base comp” though, so I ended up ok but not everyone did.
I'm sorry it worked out that way for you. Sucks seeing hard working people get screwed over...
And that's a good point and not one I considered. With how financially savvy I wasn't I wouldn't have even seen it coming.