I was denied the offer after converting all 3 rounds for the role of Product Manager! I had 3 good and strong rounds with the cofounder, Head of Product and the Enginerring Head of the org, and all three of them individually approved my selection. They were in parallel interviewing other candidates as well (that's fine and accepted) and later rolled out the offer to the candidate with the lowest and affordable salary. Their loss that they lost on some interesting other talents but in any ways this shouldn't be done by hiring orgs. Strong skillset and experience and relevant industry standard salary expectation must be valued, cus otherwise you are just hiring at sub-par levels.