More specifically, it's departed employees. Current employees have had it drummed into them enough times that the EV of their equity stake isn't likely to be s

More specifically, it's departed employees. Current employees have had it drummed into them enough times that the EV of their equity stake isn't likely to be significant and they should negotiate for cash over equity. Worst comes to worst, their options go underwater but they're still highly compensated professionals with in demand talents. Founders knew the risks when they negotiated the terms of the funding round and they have nobody to blame but themselves if they got too greedy with spending. Departed employees though, have to face the choice of whether to exercise options before they expire or forego them and potentially lose out on a huge payday. They're the ones who have to put up real cash into the system for paper gains.