OpenAI's Sam Altman Worked for ‘Love' – Now He'll Make $10.5 Billion [Yahoo! Finance]
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Source: Yahoo! Finance
OpenAI CEO Sam Altman will receive up to $10.5 billion in equity in the company behind ChatGPT as part of a major restructuring plan, Reuters reported on Thursday. The move comes a year after Altman told Congress he had “no equity” in OpenAI. “I'm doing this because I love it,” he said in May 2023 while testifying before a U.S. Senate judiciary subcommittee on artificial intelligence oversight. That answer was fairly misleading, however. While Altman didn't have equity in OpenAI, he did own stock in Y Combinator … which owned stock in OpenAI, as The Guardian reported last month. Indirectly owning even a fraction of the shares in OpenAI — which has been looking to raise money at a $150 billion valuation — would've been worth hundreds of millions of dollars. But that would be chump change to Altman now, anyway, with Bloomberg reporting he'll get up to a 7% stake in the company, which, at a $150 billion valuation, would give him $10.5 billion in equity. Until now, Altman was bei
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CART
Earnings
- 8/6/24 - Beat
CART
Sec Filings
- 9/24/24 - Form 4
- 9/20/24 - Form 4
- 9/20/24 - Form 144
- CART's page on the SEC website