It would be interesting to know the fair market value of their next 409A valuation compared to the previous one. The reduced FMV could shift the equation and help those laid off employees exercise at least a portion of their shares when otherwise they would be unable to responsibly do so. Oh, and it would reduce taxes on vesting RSUs for remaining employees too. The worst hit may be those that receive RSUs or exercise options before the write-down, huh? Airbnb should hurry then...