Nope, the valuation happens at the time of grant. So you are granted a number of...

dgarrett on May 11, 2022 | parent | context | favorite | on: Tech stocks wipeout: Engineer's $400K comp is now ...

Nope, the valuation happens at the time of grant.

So you are granted a number of shares valued at $X. Then you can’t sell those shares until they vest, by which time they may have gained or lost value.