I agree that the risk is lower, but the RSU analogy is imperfect because the value of the underlying stock is the same for all holders. In this case, one class

I agree that the risk is lower, but the RSU analogy is imperfect because the value of the underlying stock is the same for all holders. In this case, one class of holders - the senior investors - will get more of the value, and this value is taken away from other holders who thought they had more. If Larry's stock value went up when employees and GOOG went down, there would be pitchforks out in M View.