Writers write for various reasons:

Mercenaries ... for money;
Marketers ... for publicity;
Narcissists ... for vanity;
Intellectuals ... for curiosity;
Activists ... for influence.

In any of one of us, these motives are mixed in varying proportions.

Stock options target the first of these. But it's just not very enticing. Why would a mercenary work for a deferred payment that's so uncertain when cash jobs are all over the place? Also, once a writer has signed up for a piece of your pie, their incentive is to let other writers contribute while they sit back and wait for a reward.

Nah. Look at the other motives.