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For any employees that have already exercised their options, that also means the value of what they thought they were getting just went down.

The imaginary value went down, unless they are actually offering liquidity for employees who have exercised.

Secondary markets exist for Stripe stock.

If they buy back after exercising, they would be making a profit!

Haha there has got to be some law against this.

Yes, but that a risk they accepted.

Nobody said otherwise. Doesn’t make make it anymore attractive though.

Sure, but it's still compensation that is now less attractive. I never called it a moral failing.