He was forced to sell his options near the market TOP, near the absolute TOP at $99 a share. The stock was $35 soon thereafter (it did briefly burst above $150 and close to $200, but just for a small number of days).
Don't be so certain that the people being laid off today are not BLESSED. This may truly be a blessing in disguise.
By the way, we laid him off too. It was once again, a blessing for him as the company was gone in 12 months, millions were stolen by a robber-baron CEO, Sol Trujillo.