My RSUs currently make up 70% of my investment portfolio. Should I re-balance?

35 years old, looking for advice on how to correctly balance my stock portfolio. I’ve been fortunate to work for a publicly traded company since May of 2020 and have accrued a pretty sizeable number of shares since then. While I have also been investing in other companies and the S&P 500 over that period, these investments haven’t fared quite as well, so the stock that I’ve acquired through work now makes up roughly 70% of my taxable portfolio. I’ve heard that no single stock should make up an outsized percentage of your portfolio and I’d like to re-balance things to play it safe, but I also don’t like the idea of losing some of my gains to taxes or putting myself in a different tax bracket just to do this. Should I sell some of my company stock and re-balance more into S&P even though I’ll be taking a tax hit to do so? Thanks for any advice or input you might have on how to do this efficiently.

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