[blackeyeblitzar]

I am not sure what you mean by “market value”. What’s the market exactly when employees cannot freely trade their vested options? Most companies restrict that, which is very unjust. For a secondhand lottery ticket, if there is zero risk of scam, I’d say its value is at least its original retail value, and there is no restriction on trading it. So if someone wanted to make a market, they could.

[JumpCrisscross]

> What’s the market exactly when employees cannot freely trade their vested options?

The underlying stock, including with companies that restrict transfers, is traded to the tune of hundreds of billions of dollars a year.

> if there is zero risk of scam, I’d say its value is at least its original retail value

Why would you ever pay a premium? It’s worth at most the cost of a new ticket; the discount is because you’re offering liquidity. The only way it could command a premium is in convenience.

[blackeyeblitzar]

> The underlying stock, including with companies that restrict transfers, is traded to the tune of hundreds of billions of dollars a year.

Can you explain this? How are they traded if they are restricted?

[JumpCrisscross]

> Can you explain this? How are they traded if they are restricted?

Board approvals, forwards, SPVs. Uber, Airbnb and Neuralink rarely formally recognised transfers, but the shares are liquid for anyone with more than $100k, more so $1mm.