He was exercising options because it is very cheap and he thought it had no tax impact. This also starts the clock on long term capital gains rules. It makes sense for early stage companies.
You might be thinking of this for more established companies where the exercise might require tens or hundreds of thousands of dollars. That's a very different situation.
You might be thinking of this for more established companies where the exercise might require tens or hundreds of thousands of dollars. That's a very different situation.