Sounds like a great deal while it lasted for the engineers working there. They were over paid by a company that was bending over backwards to please them with m

Sounds like a great deal while it lasted for the engineers working there. They were over paid by a company that was bending over backwards to please them with money, benefits, and pretty much everything they could want. The stock turned out to be worthless of course, which is a bit of a bummer. But that's why salaries were presumably that high. So, the money ran out and people got fired. So what? If they were any good, they no doubt found other companies to get a good deal with pretty soon after. I see no problem here. There's a shortage of competent engineers. That's the reason companies like this pay so well. The only issue I see is dumb investors putting money in a company that clearly had no product market fit, a big spending problem, and nowhere near the ARR you would normally associate with a 100M+ C round. I mean, we're a struggling bootstrapped startup and we are getting close to that revenue this year. The investors we talk about (for a seed round) seem to be a lot more picky than was apparently the case for this company. You'd hope investors would do some due diligence. That clearly did not happen, at all. What the hell were they thinking? Probably a juicy story there of incompetence, greed, stupidity, and various individuals benefiting when they arguably shouldn't have. I imagine the e.g. CEO of this company funneled away plenty for himself before bailing out in a hurry. If he paid his engineers a quarter million per year, I bet his own salary was probably a bit higher.