I have question about the replicating portfolio analogy that the author makes with respect to getting Facebook to match Twitter's offer. Could he have (successf

I have question about the replicating portfolio analogy that the author makes with respect to getting Facebook to match Twitter's offer. Could he have (successfully) bargained for a replicating portfolio on an after-tax basis? In other words, since Twitter was paying with stock options, which are more tax-efficient than Facebook stock grants, he could have argued that Facebook's overall compensation package needed to be much more to really match Twitter's.