Thanks for the refreshing perspective. I don't think they made this pay cut decision lightly, meaning that the situation is most likely grave. Overall, it really brings doubt into my mind about the future of Lyft and whether it will survive
If you want a company that has more chances of "surviving", apply/work for a company that can generate positive cashflow from operations. Life will be more stable, your salary will reflect the company's ability to make a profit (aka "lower") but you won't get the possible upside of a "hot" startup - you can't have it both ways. Anecdotally, unless you are the first 10 in the startup, it is probably not going to be a lot of windfall for you. For pre-IPO companies, sometimes it even goes the other way (you pay taxes on earnings that may never happen)
I remember the answer to a drunk question I asked a friend. Which was how did she manage to get tenure. Her answer was you have to a) never take a non-tenure track job. b) keep applying till you get one. I think doesn't matter, startup, not startup you need to be careful about the job and what opportunities come with it.