I was at Amzn early '00s when we lost 95% of our market cap. Later at FB I negotiated a down-round in '09, and then in '12 our stock dropped 50% post-IPO. I was on the board of a public company that went bankrupt (Borders) and a start-up that went under (Hello). Some lessons:
Our decentralized approach for decisions passes the torch of responsibility, enabling fast-paced iteration without the need for approval processes. Individuals make urgent, locally optimal decisions. Any misalignments are then ironed out quickly afterward.