You missed the boat on that by a year.

What we should all be asking ourselves is “am I on payroll at my current job to act as ballast?”

What does it mean to act as a ballast? What are some signs? Is there a general terminology for this? Are you talking about "meat-shield headcounts"

Do you work in a cost centre or a profit centre for the business?

Yes

I caught that boat and and was pumped overboard. But I think I was bilge water more than ballast.

You mean you'll take the risk of having 50% of your comp be near worthless versus getting more liquid comp from an existing public company?

Problem is that you'll have to support and maintain a brittle, over-engineered mess and then find creative ways to further over-engineer otherwise-simple solutions to create busywork for yourself and others.