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Yes, I understand what you are saying. But he won the seat for nothing, no outlay. He is giving up tremendous equity by selling pieces IMO
He's not giving up "tremendous equity" because he doesn't have "tremendous equity". Nobody does in an event with 7000 players.
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And if people are willing to buy his ME action, it makes sense they would be willing to buy his cash/side-event action.
No it doesn't. The two types of staking are not anything alike.
You have it backwards. He's got a lot bigger edge in cash games than in the Main Event. And he doesn't need a stake for the cash games, so why would he give up the equity?