diff --git a/packages/react-reconciler/src/ReactFiberCommitWork.new.js b/packages/react-reconciler/src/ReactFiberCommitWork.new.js
index ea8e0cf26354b..e16aa04507961 100644
--- a/packages/react-reconciler/src/ReactFiberCommitWork.new.js
+++ b/packages/react-reconciler/src/ReactFiberCommitWork.new.js
@@ -15,11 +15,7 @@ import type {
   ChildSet,
   UpdatePayload,
 } from './ReactFiberHostConfig';
-import type {
-  Fiber,
-  FiberRoot,
-  EventFunctionWrapper,
-} from './ReactInternalTypes';
+import type {Fiber, FiberRoot} from './ReactInternalTypes';
 import type {Lanes} from './ReactFiberLane.new';
 import type {SuspenseState} from './ReactFiberSuspenseComponent.new';
 import type {UpdateQueue} from './ReactFiberClassUpdateQueue.new';
@@ -689,13 +685,9 @@ function commitUseEventMount(finishedWork: Fiber) {
   const updateQueue: FunctionComponentUpdateQueue | null = (finishedWork.updateQueue: any);
   const eventPayloads = updateQueue !== null ? updateQueue.events : null;
   if (eventPayloads !== null) {
-    // FunctionComponentUpdateQueue.events is a flat array of
-    // [EventFunctionWrapper, EventFunction, ...], so increment by 2 each iteration to find the next
-    // pair.
-    for (let ii = 0; ii < eventPayloads.length; ii += 2) {
-      const eventFn: EventFunctionWrapper<any, any, any> = eventPayloads[ii];
-      const nextImpl = eventPayloads[ii + 1];
-      eventFn._impl = nextImpl;
+    for (let ii = 0; ii < eventPayloads.length; ii++) {
+      const {ref, nextImpl} = eventPayloads[ii];
+      ref.impl = nextImpl;
     }
   }
 }
diff --git a/packages/react-reconciler/src/ReactFiberCommitWork.old.js b/packages/react-reconciler/src/ReactFiberCommitWork.old.js
index b33a051ee09d0..4aa073d0db31a 100644
--- a/packages/react-reconciler/src/ReactFiberCommitWork.old.js
+++ b/packages/react-reconciler/src/ReactFiberCommitWork.old.js
@@ -15,11 +15,7 @@ import type {
   ChildSet,
   UpdatePayload,
 } from './ReactFiberHostConfig';
-import type {
-  Fiber,
-  FiberRoot,
-  EventFunctionWrapper,
-} from './ReactInternalTypes';
+import type {Fiber, FiberRoot} from './ReactInternalTypes';
 import type {Lanes} from './ReactFiberLane.old';
 import type {SuspenseState} from './ReactFiberSuspenseComponent.old';
 import type {UpdateQueue} from './ReactFiberClassUpdateQueue.old';
@@ -689,13 +685,9 @@ function commitUseEventMount(finishedWork: Fiber) {
   const updateQueue: FunctionComponentUpdateQueue | null = (finishedWork.updateQueue: any);
   const eventPayloads = updateQueue !== null ? updateQueue.events : null;
   if (eventPayloads !== null) {
-    // FunctionComponentUpdateQueue.events is a flat array of
-    // [EventFunctionWrapper, EventFunction, ...], so increment by 2 each iteration to find the next
-    // pair.
-    for (let ii = 0; ii < eventPayloads.length; ii += 2) {
-      const eventFn: EventFunctionWrapper<any, any, any> = eventPayloads[ii];
-      const nextImpl = eventPayloads[ii + 1];
-      eventFn._impl = nextImpl;
+    for (let ii = 0; ii < eventPayloads.length; ii++) {
+      const {ref, nextImpl} = eventPayloads[ii];
+      ref.impl = nextImpl;
     }
   }
 }
diff --git a/packages/react-reconciler/src/ReactFiberHooks.new.js b/packages/react-reconciler/src/ReactFiberHooks.new.js
index 8183ddd1557c0..2e399e7897794 100644
--- a/packages/react-reconciler/src/ReactFiberHooks.new.js
+++ b/packages/react-reconciler/src/ReactFiberHooks.new.js
@@ -22,7 +22,6 @@ import type {
   Dispatcher,
   HookType,
   MemoCache,
-  EventFunctionWrapper,
 } from './ReactInternalTypes';
 import type {Lanes, Lane} from './ReactFiberLane.new';
 import type {HookFlags} from './ReactHookEffectTags';
@@ -189,9 +188,17 @@ type StoreConsistencyCheck<T> = {
   getSnapshot: () => T,
 };
 
+type EventFunctionPayload<Args, Return, F: (...Array<Args>) => Return> = {
+  ref: {
+    eventFn: F,
+    impl: F,
+  },
+  nextImpl: F,
+};
+
 export type FunctionComponentUpdateQueue = {
   lastEffect: Effect | null,
-  events: Array<() => mixed> | null,
+  events: Array<EventFunctionPayload<any, any, any>> | null,
   stores: Array<StoreConsistencyCheck<any>> | null,
   // NOTE: optional, only set when enableUseMemoCacheHook is enabled
   memoCache?: MemoCache | null,
@@ -1909,52 +1916,56 @@ function updateEffect(
 }
 
 function useEventImpl<Args, Return, F: (...Array<Args>) => Return>(
-  event: EventFunctionWrapper<Args, Return, F>,
-  nextImpl: F,
+  payload: EventFunctionPayload<Args, Return, F>,
 ) {
   currentlyRenderingFiber.flags |= UpdateEffect;
   let componentUpdateQueue: null | FunctionComponentUpdateQueue = (currentlyRenderingFiber.updateQueue: any);
   if (componentUpdateQueue === null) {
     componentUpdateQueue = createFunctionComponentUpdateQueue();
     currentlyRenderingFiber.updateQueue = (componentUpdateQueue: any);
-    componentUpdateQueue.events = [event, nextImpl];
+    componentUpdateQueue.events = [payload];
   } else {
     const events = componentUpdateQueue.events;
     if (events === null) {
-      componentUpdateQueue.events = [event, nextImpl];
+      componentUpdateQueue.events = [payload];
     } else {
-      events.push(event, nextImpl);
+      events.push(payload);
     }
   }
 }
 
 function mountEvent<Args, Return, F: (...Array<Args>) => Return>(
   callback: F,
-): EventFunctionWrapper<Args, Return, F> {
+): F {
   const hook = mountWorkInProgressHook();
-  const eventFn: EventFunctionWrapper<Args, Return, F> = function eventFn() {
+  const ref = {impl: callback};
+  hook.memoizedState = ref;
+  // $FlowIgnore[incompatible-return]
+  return function eventFn() {
     if (isInvalidExecutionContextForEventFunction()) {
       throw new Error(
         "A function wrapped in useEvent can't be called during rendering.",
       );
     }
-    // $FlowFixMe[prop-missing] found when upgrading Flow
-    return eventFn._impl.apply(undefined, arguments);
+    return ref.impl.apply(undefined, arguments);
   };
-  eventFn._impl = callback;
-
-  useEventImpl(eventFn, callback);
-  hook.memoizedState = eventFn;
-  return eventFn;
 }
 
 function updateEvent<Args, Return, F: (...Array<Args>) => Return>(
   callback: F,
-): EventFunctionWrapper<Args, Return, F> {
+): F {
   const hook = updateWorkInProgressHook();
-  const eventFn = hook.memoizedState;
-  useEventImpl(eventFn, callback);
-  return eventFn;
+  const ref = hook.memoizedState;
+  useEventImpl({ref, nextImpl: callback});
+  // $FlowIgnore[incompatible-return]
+  return function eventFn() {
+    if (isInvalidExecutionContextForEventFunction()) {
+      throw new Error(
+        "A function wrapped in useEvent can't be called during rendering.",
+      );
+    }
+    return ref.impl.apply(undefined, arguments);
+  };
 }
 
 function mountInsertionEffect(
@@ -2916,7 +2927,7 @@ if (__DEV__) {
       Args,
       Return,
       F: (...Array<Args>) => Return,
-    >(callback: F): EventFunctionWrapper<Args, Return, F> {
+    >(callback: F): F {
       currentHookNameInDev = 'useEvent';
       mountHookTypesDev();
       return mountEvent(callback);
@@ -3073,7 +3084,7 @@ if (__DEV__) {
       Args,
       Return,
       F: (...Array<Args>) => Return,
-    >(callback: F): EventFunctionWrapper<Args, Return, F> {
+    >(callback: F): F {
       currentHookNameInDev = 'useEvent';
       updateHookTypesDev();
       return mountEvent(callback);
@@ -3230,7 +3241,7 @@ if (__DEV__) {
       Args,
       Return,
       F: (...Array<Args>) => Return,
-    >(callback: F): EventFunctionWrapper<Args, Return, F> {
+    >(callback: F): F {
       currentHookNameInDev = 'useEvent';
       updateHookTypesDev();
       return updateEvent(callback);
@@ -3388,7 +3399,7 @@ if (__DEV__) {
       Args,
       Return,
       F: (...Array<Args>) => Return,
-    >(callback: F): EventFunctionWrapper<Args, Return, F> {
+    >(callback: F): F {
       currentHookNameInDev = 'useEvent';
       updateHookTypesDev();
       return updateEvent(callback);
@@ -3572,7 +3583,7 @@ if (__DEV__) {
       Args,
       Return,
       F: (...Array<Args>) => Return,
-    >(callback: F): EventFunctionWrapper<Args, Return, F> {
+    >(callback: F): F {
       currentHookNameInDev = 'useEvent';
       warnInvalidHookAccess();
       mountHookTypesDev();
@@ -3757,7 +3768,7 @@ if (__DEV__) {
       Args,
       Return,
       F: (...Array<Args>) => Return,
-    >(callback: F): EventFunctionWrapper<Args, Return, F> {
+    >(callback: F): F {
       currentHookNameInDev = 'useEvent';
       warnInvalidHookAccess();
       updateHookTypesDev();
@@ -3943,7 +3954,7 @@ if (__DEV__) {
       Args,
       Return,
       F: (...Array<Args>) => Return,
-    >(callback: F): EventFunctionWrapper<Args, Return, F> {
+    >(callback: F): F {
       currentHookNameInDev = 'useEvent';
       warnInvalidHookAccess();
       updateHookTypesDev();
diff --git a/packages/react-reconciler/src/ReactFiberHooks.old.js b/packages/react-reconciler/src/ReactFiberHooks.old.js
index 97aa7dcd4a41a..7c4a705517346 100644
--- a/packages/react-reconciler/src/ReactFiberHooks.old.js
+++ b/packages/react-reconciler/src/ReactFiberHooks.old.js
@@ -22,7 +22,6 @@ import type {
   Dispatcher,
   HookType,
   MemoCache,
-  EventFunctionWrapper,
 } from './ReactInternalTypes';
 import type {Lanes, Lane} from './ReactFiberLane.old';
 import type {HookFlags} from './ReactHookEffectTags';
@@ -189,9 +188,17 @@ type StoreConsistencyCheck<T> = {
   getSnapshot: () => T,
 };
 
+type EventFunctionPayload<Args, Return, F: (...Array<Args>) => Return> = {
+  ref: {
+    eventFn: F,
+    impl: F,
+  },
+  nextImpl: F,
+};
+
 export type FunctionComponentUpdateQueue = {
   lastEffect: Effect | null,
-  events: Array<() => mixed> | null,
+  events: Array<EventFunctionPayload<any, any, any>> | null,
   stores: Array<StoreConsistencyCheck<any>> | null,
   // NOTE: optional, only set when enableUseMemoCacheHook is enabled
   memoCache?: MemoCache | null,
@@ -1909,52 +1916,56 @@ function updateEffect(
 }
 
 function useEventImpl<Args, Return, F: (...Array<Args>) => Return>(
-  event: EventFunctionWrapper<Args, Return, F>,
-  nextImpl: F,
+  payload: EventFunctionPayload<Args, Return, F>,
 ) {
   currentlyRenderingFiber.flags |= UpdateEffect;
   let componentUpdateQueue: null | FunctionComponentUpdateQueue = (currentlyRenderingFiber.updateQueue: any);
   if (componentUpdateQueue === null) {
     componentUpdateQueue = createFunctionComponentUpdateQueue();
     currentlyRenderingFiber.updateQueue = (componentUpdateQueue: any);
-    componentUpdateQueue.events = [event, nextImpl];
+    componentUpdateQueue.events = [payload];
   } else {
     const events = componentUpdateQueue.events;
     if (events === null) {
-      componentUpdateQueue.events = [event, nextImpl];
+      componentUpdateQueue.events = [payload];
     } else {
-      events.push(event, nextImpl);
+      events.push(payload);
     }
   }
 }
 
 function mountEvent<Args, Return, F: (...Array<Args>) => Return>(
   callback: F,
-): EventFunctionWrapper<Args, Return, F> {
+): F {
   const hook = mountWorkInProgressHook();
-  const eventFn: EventFunctionWrapper<Args, Return, F> = function eventFn() {
+  const ref = {impl: callback};
+  hook.memoizedState = ref;
+  // $FlowIgnore[incompatible-return]
+  return function eventFn() {
     if (isInvalidExecutionContextForEventFunction()) {
       throw new Error(
         "A function wrapped in useEvent can't be called during rendering.",
       );
     }
-    // $FlowFixMe[prop-missing] found when upgrading Flow
-    return eventFn._impl.apply(undefined, arguments);
+    return ref.impl.apply(undefined, arguments);
   };
-  eventFn._impl = callback;
-
-  useEventImpl(eventFn, callback);
-  hook.memoizedState = eventFn;
-  return eventFn;
 }
 
 function updateEvent<Args, Return, F: (...Array<Args>) => Return>(
   callback: F,
-): EventFunctionWrapper<Args, Return, F> {
+): F {
   const hook = updateWorkInProgressHook();
-  const eventFn = hook.memoizedState;
-  useEventImpl(eventFn, callback);
-  return eventFn;
+  const ref = hook.memoizedState;
+  useEventImpl({ref, nextImpl: callback});
+  // $FlowIgnore[incompatible-return]
+  return function eventFn() {
+    if (isInvalidExecutionContextForEventFunction()) {
+      throw new Error(
+        "A function wrapped in useEvent can't be called during rendering.",
+      );
+    }
+    return ref.impl.apply(undefined, arguments);
+  };
 }
 
 function mountInsertionEffect(
@@ -2916,7 +2927,7 @@ if (__DEV__) {
       Args,
       Return,
       F: (...Array<Args>) => Return,
-    >(callback: F): EventFunctionWrapper<Args, Return, F> {
+    >(callback: F): F {
       currentHookNameInDev = 'useEvent';
       mountHookTypesDev();
       return mountEvent(callback);
@@ -3073,7 +3084,7 @@ if (__DEV__) {
       Args,
       Return,
       F: (...Array<Args>) => Return,
-    >(callback: F): EventFunctionWrapper<Args, Return, F> {
+    >(callback: F): F {
       currentHookNameInDev = 'useEvent';
       updateHookTypesDev();
       return mountEvent(callback);
@@ -3230,7 +3241,7 @@ if (__DEV__) {
       Args,
       Return,
       F: (...Array<Args>) => Return,
-    >(callback: F): EventFunctionWrapper<Args, Return, F> {
+    >(callback: F): F {
       currentHookNameInDev = 'useEvent';
       updateHookTypesDev();
       return updateEvent(callback);
@@ -3388,7 +3399,7 @@ if (__DEV__) {
       Args,
       Return,
       F: (...Array<Args>) => Return,
-    >(callback: F): EventFunctionWrapper<Args, Return, F> {
+    >(callback: F): F {
       currentHookNameInDev = 'useEvent';
       updateHookTypesDev();
       return updateEvent(callback);
@@ -3572,7 +3583,7 @@ if (__DEV__) {
       Args,
       Return,
       F: (...Array<Args>) => Return,
-    >(callback: F): EventFunctionWrapper<Args, Return, F> {
+    >(callback: F): F {
       currentHookNameInDev = 'useEvent';
       warnInvalidHookAccess();
       mountHookTypesDev();
@@ -3757,7 +3768,7 @@ if (__DEV__) {
       Args,
       Return,
       F: (...Array<Args>) => Return,
-    >(callback: F): EventFunctionWrapper<Args, Return, F> {
+    >(callback: F): F {
       currentHookNameInDev = 'useEvent';
       warnInvalidHookAccess();
       updateHookTypesDev();
@@ -3943,7 +3954,7 @@ if (__DEV__) {
       Args,
       Return,
       F: (...Array<Args>) => Return,
-    >(callback: F): EventFunctionWrapper<Args, Return, F> {
+    >(callback: F): F {
       currentHookNameInDev = 'useEvent';
       warnInvalidHookAccess();
       updateHookTypesDev();
diff --git a/packages/react-reconciler/src/ReactInternalTypes.js b/packages/react-reconciler/src/ReactInternalTypes.js
index 10c4c9853a300..a5f28fd5d2450 100644
--- a/packages/react-reconciler/src/ReactInternalTypes.js
+++ b/packages/react-reconciler/src/ReactInternalTypes.js
@@ -290,17 +290,6 @@ type SuspenseCallbackOnlyFiberRootProperties = {
   hydrationCallbacks: null | SuspenseHydrationCallbacks,
 };
 
-// A wrapper callable object around a useEvent callback that throws if the callback is called during
-// rendering. The _impl property points to the actual implementation.
-export type EventFunctionWrapper<
-  Args,
-  Return,
-  F: (...Array<Args>) => Return,
-> = {
-  (): F,
-  _impl: F,
-};
-
 export type TransitionTracingCallbacks = {
   onTransitionStart?: (transitionName: string, startTime: number) => void,
   onTransitionProgress?: (
@@ -390,9 +379,7 @@ export type Dispatcher = {
     create: () => (() => void) | void,
     deps: Array<mixed> | void | null,
   ): void,
-  useEvent?: <Args, Return, F: (...Array<Args>) => Return>(
-    callback: F,
-  ) => EventFunctionWrapper<Args, Return, F>,
+  useEvent?: <Args, Return, F: (...Array<Args>) => Return>(callback: F) => F,
   useInsertionEffect(
     create: () => (() => void) | void,
     deps: Array<mixed> | void | null,
diff --git a/packages/react-reconciler/src/__tests__/useEvent-test.js b/packages/react-reconciler/src/__tests__/useEvent-test.js
index e3b0d872f857e..fecf99679d263 100644
--- a/packages/react-reconciler/src/__tests__/useEvent-test.js
+++ b/packages/react-reconciler/src/__tests__/useEvent-test.js
@@ -557,6 +557,95 @@ describe('useEvent', () => {
     expect(Scheduler).toHaveYielded(['Effect value: 2', 'Event value: 2']);
   });
 
+  // @gate enableUseEventHook
+  it("doesn't provide a stable identity", () => {
+    function Counter({shouldRender, value}) {
+      const onClick = useEvent(() => {
+        Scheduler.unstable_yieldValue(
+          'onClick, shouldRender=' + shouldRender + ', value=' + value,
+        );
+      });
+
+      // onClick doesn't have a stable function identity so this effect will fire on every render.
+      // In a real app useEvent functions should *not* be passed as a dependency, this is for
+      // testing purposes only.
+      useEffect(() => {
+        onClick();
+      }, [onClick]);
+
+      useEffect(() => {
+        onClick();
+      }, [shouldRender]);
+
+      return <></>;
+    }
+
+    ReactNoop.render(<Counter shouldRender={true} value={0} />);
+    expect(Scheduler).toFlushAndYield([
+      'onClick, shouldRender=true, value=0',
+      'onClick, shouldRender=true, value=0',
+    ]);
+
+    ReactNoop.render(<Counter shouldRender={true} value={1} />);
+    expect(Scheduler).toFlushAndYield(['onClick, shouldRender=true, value=1']);
+
+    ReactNoop.render(<Counter shouldRender={false} value={2} />);
+    expect(Scheduler).toFlushAndYield([
+      'onClick, shouldRender=false, value=2',
+      'onClick, shouldRender=false, value=2',
+    ]);
+  });
+
+  // @gate enableUseEventHook
+  it('event handlers always see the latest committed value', async () => {
+    let committedEventHandler = null;
+
+    function App({value}) {
+      const event = useEvent(() => {
+        return 'Value seen by useEvent: ' + value;
+      });
+
+      // Set up an effect that registers the event handler with an external
+      // event system (e.g. addEventListener).
+      useEffect(
+        () => {
+          // Log when the effect fires. In the test below, we'll assert that this
+          // only happens during initial render, not during updates.
+          Scheduler.unstable_yieldValue('Commit new event handler');
+          committedEventHandler = event;
+          return () => {
+            committedEventHandler = null;
+          };
+        },
+        // Note that we've intentionally omitted the event from the dependency
+        // array. But it will still be able to see the latest `value`. This is the
+        // key feature of useEvent that makes it different from a regular closure.
+        [],
+      );
+      return 'Latest rendered value ' + value;
+    }
+
+    // Initial render
+    const root = ReactNoop.createRoot();
+    await act(async () => {
+      root.render(<App value={1} />);
+    });
+    expect(Scheduler).toHaveYielded(['Commit new event handler']);
+    expect(root).toMatchRenderedOutput('Latest rendered value 1');
+    expect(committedEventHandler()).toBe('Value seen by useEvent: 1');
+
+    // Update
+    await act(async () => {
+      root.render(<App value={2} />);
+    });
+    // No new event handler should be committed, because it was omitted from
+    // the dependency array.
+    expect(Scheduler).toHaveYielded([]);
+    // But the event handler should still be able to see the latest value.
+    expect(root).toMatchRenderedOutput('Latest rendered value 2');
+    expect(committedEventHandler()).toBe('Value seen by useEvent: 2');
+  });
+
   // @gate enableUseEventHook
   it('integration: implements docs chat room example', () => {
     function createConnection() {
@@ -597,7 +686,7 @@ describe('useEvent', () => {
         });
         connection.connect();
         return () => connection.disconnect();
-      }, [roomId, onConnected]);
+      }, [roomId]);
 
       return <Text text={`Welcome to the ${roomId} room!`} />;
     }
@@ -676,7 +765,7 @@ describe('useEvent', () => {
 
       const onVisit = useEvent(visitedUrl => {
         Scheduler.unstable_yieldValue(
-          'url: ' + url + ', numberOfItems: ' + numberOfItems,
+          'url: ' + visitedUrl + ', numberOfItems: ' + numberOfItems,
         );
       });
 
diff --git a/packages/react-server/src/ReactFizzHooks.js b/packages/react-server/src/ReactFizzHooks.js
index c8ceeddc400e4..a9295b3143008 100644
--- a/packages/react-server/src/ReactFizzHooks.js
+++ b/packages/react-server/src/ReactFizzHooks.js
@@ -7,10 +7,7 @@
  * @flow
  */
 
-import type {
-  Dispatcher,
-  EventFunctionWrapper,
-} from 'react-reconciler/src/ReactInternalTypes';
+import type {Dispatcher} from 'react-reconciler/src/ReactInternalTypes';
 
 import type {
   MutableSource,
@@ -522,7 +519,8 @@ function throwOnUseEventCall() {
 
 export function useEvent<Args, Return, F: (...Array<Args>) => Return>(
   callback: F,
-): EventFunctionWrapper<Args, Return, F> {
+): F {
+  // $FlowIgnore[incompatible-return]
   return throwOnUseEventCall;
 }