Your common stockholder (a.k.a employees) certainly have. Series E investors tend to ask be at the front of the pack if/when there is any down valuation.

Not necessarily. Funding can be used by profitable companies to speed growth or invest in moonshot experiments as well as make up for lack of revenue. And if you don't need it, the money is cheaper; sometimes, if you're offered good terms, it can be hard to turn down having that much cash on hand.