Or they are pushing more compensation into cash because cash is a lot cheaper for them than equity. What I mean by that is that they have almost unlimited borro

Or they are pushing more compensation into cash because cash is a lot cheaper for them than equity. What I mean by that is that they have almost unlimited borrowing capacity at near-zero rates, versus a fixed amount of equity, and as long as the equity keeps growing, the cash pool grows with it. If the employees want to then purchase the equity, then that is upward pressure on the price, versus downward pressure on the price when an employee sells equity for cash.