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Many of those engineers have likely stuck around for longer than they're happy with, and for less than market pay. It's one thing when you're excited about the

Many of those engineers have likely stuck around for longer than they're happy with, and for less than market pay. It's one thing when you're excited about the outlook of the company and just started a few months ago. Even if the options turn out worthless, the work is enjoyable and you've gotten to work for a well-known company. Now it's been 5 years, the company looks to be cratering quickly, and you're burnt out. You've been hanging in there because it would be financially insane to quit when you've got a very high likelihood of walking away with millions. Take that last bit away, and you're telling me you can't understand why engineers might start walking away in droves?

xyzzy_plugh 9y ago
Of course I can understand why engineers might leave in droves -- but it's all a risk they were willing to take. It's silly to be bitter than your bet didn't pay off -- few of them ever do.
- mitrandimotor 9y ago
  It's easy to be bitter when management squanders a good thing.
- pcwalton 9y ago
  Employees frequently don't have an accurate picture of the expected value of stock options for numerous reasons, not all of which are their fault. Silicon Valley engineers are not Homo economicus.
  - xyzzy_plugh 9y ago
    As an employee of a startup, I agree, but it's ultimately their responsibility. My recruiter inflated valuation, which I am still bitter about, but regardless when I signed on I realized that this is just funny money until liquidation. If a Silicon Valley engineer goes and buys a house, planning on a big payout on their options, then they're a fool.
    - toomuchtodo 9y ago
      Did you get a copy of the cap table, liquidation preferences, etc?
- stouset 9y ago
  I can't even begin to understand how it's not immediately apparent to you that after five, six, or more years at a company, people might be sticking around longer than they otherwise would because it looked like they had an overwhelmingly likely chance of walking away with millions. Take that incentive away and you don't have anything to offset the burnout from the work environment there.

xyzzy_plugh 9y ago

Of course I can understand why engineers might leave in droves -- but it's all a risk they were willing to take. It's silly to be bitter than your bet didn't pay off -- few of them ever do.

mitrandimotor 9y ago
It's easy to be bitter when management squanders a good thing.
pcwalton 9y ago
Employees frequently don't have an accurate picture of the expected value of stock options for numerous reasons, not all of which are their fault. Silicon Valley engineers are not Homo economicus.
- xyzzy_plugh 9y ago
  As an employee of a startup, I agree, but it's ultimately their responsibility. My recruiter inflated valuation, which I am still bitter about, but regardless when I signed on I realized that this is just funny money until liquidation. If a Silicon Valley engineer goes and buys a house, planning on a big payout on their options, then they're a fool.
  - toomuchtodo 9y ago
    Did you get a copy of the cap table, liquidation preferences, etc?
stouset 9y ago
I can't even begin to understand how it's not immediately apparent to you that after five, six, or more years at a company, people might be sticking around longer than they otherwise would because it looked like they had an overwhelmingly likely chance of walking away with millions. Take that incentive away and you don't have anything to offset the burnout from the work environment there.