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I haven't been in this situation, but I think it would really depend on a few factors:

- Is my cash compensation adequate? A down-round can make stock grants worth almost zero unless there's a huge rebound.

- Are people around me still motivated? I wouldn't want to be surrounded by sad coworkers.

- Are the founders still motivated? Their dreams of riches are probably evaporating. And a company with unmotivated leadership is not gonna be around long.

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> Is my cash compensation adequate? A down-round can make stock grants worth almost zero unless there's a huge rebound.

Most startups fail and options and equity become worthless regardless.

In my experience, the biggest changes will be in morale and company culture. There is a chance that the company gets hit by the "Dead Sea Effect", all the talent starts leaving because they can find better opportunities while the lower tier devs stick around.

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