Many large companies have pretty rigid comp review processes and cycles. If you’re a high performing employee who got a stock refresh earlier this year there’s a good chance you’re down 50% or more at many companies. Switch companies and there’s a chance you’ll get a new grant for the original gross value but at the new lower share price.

If your belief that it’s macro trends rather than individual company performance that’s depressing share value it could be a very profitable time to change roles (assuming you can, obviously there’s also an influx of people looking for work in the past few weeks).