The most telling quote for me was “The two men also differed over whether to address employee morale by re-pricing stock options to the new lower valuation, acc

The most telling quote for me was “The two men also differed over whether to address employee morale by re-pricing stock options to the new lower valuation, according to people familiar with the matter. Mr. Conrad favored the move, but Mr. Dalgaard believed it would train employees to expect a re-pricing any time the company’s fortunes changed.” So the “we support founders” mantra may also mean we support founders and ourselves at the expense of employees. Despite all Conrad’s miss-steps, such as the ill-mannered Quora response, I now have a new respect for him. At least he was trying to fight for the employees. Sad to see a16z in this light. With fantasy valuations crashing to reality, repricing options should become the standard. Or you can follow the current SV playbook and hope employees don’t really understand what’s going on with equity.