not martyrdom, just math: ceo risk asymmetry
When a founder or CEO says, “I can’t let everyone down,” I pay attention.
What do you mean, let everyone down?
On the surface, it sounds noble. They’re the leader. The weight of the ship is on their shoulders. If they fail, jobs vanish, morale tanks, equity becomes worthless.
But not all loss is distributed equally.
The CEO doesn’t just “lose like everyone else.” Sure, their reputation might take a hit. They might have to step down. But they also keep their networks, their resume, their name recognition. They’ve already been paid more than most. And when they win, they win far bigger — not 2x or 3x, but often 10–30x more in equity.
That imbalance matters. It shapes the story that gets told.
risk vs. reward
Here’s the reality: the CEO’s downside is capped much like everyone else’s. Lose the job, move on. But the upside? Theirs is uncapped. That’s the asymmetric bet.
And this is where I think of Nassim Taleb’s line in Antifragile:
“At no point in history have so many non-risk-takers, that is, those with no personal exposure, exerted so much control. The chief ethical rule is the following: Thou shalt not have antifragility at the expense of the fragility of others.”
That’s the tension. The CEO frames their role as self-sacrifice, but structurally, it’s anything but. The upside belongs disproportionately to them, while the fragility — the jobs, the lost equity, the burned-out employees — gets distributed across everyone else.
the narrative problem
So when a CEO says, “I can’t let everyone down,” it’s worth asking:
Are you really carrying everyone?
Or are you carrying your own asymmetric bet — and wrapping it in nobility so the story feels like a hero's journey?
Risk isn’t only carried at the top. Everyone in the company holds a piece of it — some with fewer safety nets and smaller upside.
That’s why the story matters. How leaders frame responsibility and reward shapes how people understand power, trust, and sacrifice across the company.
not martyrdom, just math
Leadership matters. Accountability matters. But let’s be honest about the terms of the bet.
Founders and CEOs aren’t only carrying the weight of others. They’re carrying their own asymmetric position.
That doesn’t make the role less important. But it does mean the story shouldn’t be dressed up as pure self-sacrifice.
Let’s not frame uncapped upside as a burden. Let’s not wrap personal wagers in collective nobility.
Because when the story distorts the stakes, it misleads the ones still climbing.
