I don't think that's true. Given how consolidated "big tech" has become you have a limited number of options for matching liquid compensation, especially from a

I don't think that's true. Given how consolidated "big tech" has become you have a limited number of options for matching liquid compensation, especially from a company that pays near top of market. You would need to heavily discount the value of whatever private shares from the 1000s of startups that would love to convince you that what they're offering you is equivalent or more than what you have (which it's almost definitely not). Also some people would rather try to use their power to change things they don't like about a company from within rather than assume they have no power to affect change and just leave.