Wed, November 27, 2024

[ Wed, Nov 27th 2024 ]: Thomas Matters

OpenAI allows employees to sell $.5 billion stock to SoftBank, sources say

[ Wed, Nov 27th 2024 ]: Thomas Matters

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OpenAI allows employees to sell $.5 billion stock to SoftBank, sources say

(Reuters) -ChatGPT-owner OpenAI is allowing its employees to sell roughly $1.5 billion worth of shares in a new tender offer to Japan's SoftBank Group, two sources familiar with the matter told Reuters on Wednesday.
OpenAI has reportedly allowed its employees to sell approximately $1.5 billion worth of shares to SoftBank Group, according to sources familiar with the matter. This transaction, which has not been officially announced, involves SoftBank purchasing the shares at a valuation of $86 billion for OpenAI. The deal provides liquidity to OpenAI's employees and early investors, allowing them to cash out some of their equity. This move comes as part of broader financial strategies by OpenAI to manage its growth and fund its operations, especially in light of the high costs associated with developing advanced AI technologies. The specifics of the deal, including the exact number of shares and the terms, remain undisclosed, but it underscores the significant interest and investment in AI technology from major tech investors like SoftBank.

Read the Full The Gazette Article at [ https://gazette.com/news/us-world/openai-allows-employees-to-sell-1-5-billion-stock-to-softbank-sources-say/article_a44e9866-9b29-5c55-a570-254fabb7694e.html ]