> 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.
> 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.
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.