Unkept promises (about raises, bonuses, stock options, reward trips at certain milestones) undermine the leadership's trustworthiness.
The lack of honest, transparent communication (including the acknowledgment of bad decisions) raises additional trust issues.
While clearly not stakeholders (no stock/option despite prior promises), ordinary employees are expected to commit to the company beyond reasonable limits.
Upper management is completely detached from the reality of the employees' daily life and struggles. The monthly Q&A sessions have turned into a weird satire of the CEO et al. attempting to BS their way out of real, important questions.