I think the advice of valuing it as $0 in most cases makes sense, except if you happen to board the likes of Stripe, Spotify at a time point when they have fair

I think the advice of valuing it as $0 in most cases makes sense, except if you happen to board the likes of Stripe, Spotify at a time point when they have fairly matured. Only few companies make it to the much vaunted IPO/acquisition stage. Even in acquisitions, esop holders can end up getting a raw deal. It is very hard for one to gauge companies which are going to succeed, I joined a newly Series B startup, a leader in its space with huge market opportunity with a very good product that went nowhere. While I love my initial days building stuff there, I do rue the missed opportunity of not just minting FAANG stocks. Also, even public company equity appreciates. Among the already big FAANG, equity price has increased between 3-6x in the last five years; that is very good considering the amount of equity you get.