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They'll all lose their jobs eventually, along with all the time they expended on this doomed company

They were getting paid, right? I'm not losing time I work at a company that will eventually fail.

I think it assumes you want to be a part of something which makes a long term impact. If you just want a pay check, you probably aren't at a startup (or at least not for the right reason).

They weren't getting paid enough, probably. And their vested stock will be worth nothing.

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