my history with startup options: 1st company: acquired 2nd: ipo 3rd: bankrupt 4th: acquired Net value of all option shares : 0 Meaning, in toto, my strike pr

my history with startup options: 1st company: acquired 2nd: ipo 3rd: bankrupt 4th: acquired Net value of all option shares : 0 Meaning, in toto, my strike price x shares is almost exactly what they ended up being worth. The net present value of an option is the strike price. Even the private options market is pretty efficient. Whereas a lottery ticket might have a net present value of only 60%, so these are pretty good lottery tickets. But that is essentially all they are.