I say this as someone who has made a fair bit of money on stock options; they are generally a scam. I’ve seen plenty of people sell their company for options only for the value of the stock to remain below the strike price for years. I’ve known people who ended up selling their company to get a desk job they hated in exchange for options that were literally worthless.

Companies don’t do stock options because they’re a great idea for workers. They do them because they’re complex enough that most people don’t understand them and it sounds like a lot of money, when it might actually end up being nothing depending on the performance of the company’s stock.

Have you ever asked C-suite executives at a startup to show you their cap table when they start talking about their “generous” options? They usually shut up in a hurry when they realize that you actually understand what they’re talking about.

Your interests don’t align with theirs. They’ve pulled you in by stroking your ego and convincing you that they’ve given you something special. They haven’t. They gave you something of highly variable value because they figured you were too dumb to understand its worth.

When considering offers from companies I consider stock options to be worthless, because statistically speaking that’s usually what they are.