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The flip side to this question is, how did you get in a position, as someone capable of being CTO, to not have any shares in the company from the start? And the answer is probably that it's your first time as CTO, because I don't see any other answer than that to this situation.

Your best bet is to make some political moves to make ownership happen for you. Otherwise, sounds like you're in for a ride that you're not necessarily the driver for.

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Loads of small companies will give out titles like CTO when the position is like what OP said, a "better paid senior developer position". Honestly that is all this position is, a bit higher rank senior developer position. It's more likely his role is manager.

This is how it smells to me.

I wouldn't take a position without equity as CTO or VP of Engineering or Director of Engineering or Manager or Tech Lead or SWE1.

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