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Yeah you do. It's prudent to value accordingly.

Pay cut when the market goes down and pay raise when the market goes up? Sure there's volatility involved but these stocks beat the market on average and drive close to 15% of some indices (i.e. FAANG at 15% total market cap of VTI). Those RSU's drive more wealth creation among FAANG employees than not over the long term.

Also a pay raise when the market goes up. If we assume an average flat stock price, it's pretty much same as cash comp.