With Afterpay shares bouncing around the $90 mark, it seems a reasonable moment to take stock of the second dramatic change in fortunes this year for later-stage participants in the company’s employee share options scheme.

Back on March 19, when the stock collapsed below $10, a band of consultants granted options with strike prices higher than $10 looked shit out of luck. Their rights were worthless. Indeed, if they’d already vested and so triggered a tax event, they were worse than worthless!