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The glassdoor reviews seem to universally complain about poor stock compensation, so it seems they weren't getting much to start with.

That is likely more to do with them being Swedish I suspect.

Stock compensation is a lot less competitive here due to it being taxed as normal income for the most part. Not to mention salaries being a lot lower in general than USA or some other parts of Europe.

Ya - sucks. I said this in a comment below, but also relevant here: capital > labor

That says it all really.

Well, in this particular case employees wanted to play the capital game. It's not a nice game it seems.

Management and early employee incentives are rarely aligned.