Alternative explanation is that the company was already sinking. It had dropped past the point where founders and employees were going to get anything out of t

Alternative explanation is that the company was already sinking. It had dropped past the point where founders and employees were going to get anything out of the deal and was started to approach the point where investors would lose money. Investors stepped in at this point and dumped the company to prevent an even bigger loss. It is unlikely the investors were waiting around for the valuation to drop to this point for the sole purpose of screwing the other parties.