Bolt fires employees that have stock options loans

From my limited understanding, in order for options to not be taxed as income by the IRS, the strike price must be the actual stock price when the option is issued. I presume that the loan in question is to cover the exercise cost for the options, so that employees can afford to hold the shares instead of immediately liquidating them.

Personally, I don’t like holding shares of my employer: There’s too much risk that an adverse event will take out both my salary and my savings at the same time.

Options have a tendency to disappear 90 days after cessation of employment. The point is to buy in when Stock is cheap, so that you're in a good position to reap the gravy train come IPO time.

You have to actually hold those shares at that time, ehich requires exercising. Exercising involves some level of risk. If you aren't sure your employer is going to make it, or is really aligned to do good for the market, it is entirely rational not to put your money on the line. Equity compensation is a way to, in theory, keep incentives aligned. You're in a position to eventually get out what you put in.

Taking out loans to buy more options than you are granted, or to cover the cost of exercising is basically adding a layer of confidence in success. Hard pill to swallow in this case though.