> You pay income tax on the value of your options, and also capital gains tax on the appreciation in their value after vesting.

Yes. That was my point.

> That’s only a tax advantage if you get options in a worthless company that later becomes valuable.

What? Since 2010, most large companies had their stock prices double, triple or even more.

> For public companies, you can reap this advantage yourself by buying and holding their stock using your cash compensation.

Except you don't get all your salary upfront.