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    Innovation Village | Technology, Product Reviews, Business
    You are at:Home»Business»Reddit’s IPO set to earn OpenAI CEO Sam Altman millions
    OpenAI CEO, Sam Altman

    Reddit’s IPO set to earn OpenAI CEO Sam Altman millions

    1
    By Tapiwa Matthew Mutisi on February 23, 2024 Business, Internet, Investments, News, People, Social Media, Technology

    OpenAI CEO Sam Altman is positioned to earn millions following Reddit’s forthcoming initial public offering (IPO). Altman has a 9.2% voting power stake in the company, as stated in the prospectus shared by Reddit. His involvement with Reddit dates back to 2014 when he led a $50 million Series B funding round for the platform.

    Altman, widely known for investing in various startups including Asana and Instacart, further invested $50 million in Reddit’s Series E round in 2021. Later that year, he invested an additional $10 million, increasing the value of his initial investment by 45%.

    Interestingly, Altman will own more Reddit shares than CEO Steve Huffman, owing to the spread of Reddit’s Class A and Class B stock across five different entities. Altman, who was a board member of Reddit till as recently as 2021, has made a significant impact on the company, as acknowledged by Huffman.

    Now, Altman is focusing on promoting OpenAI’s services, including the popular ChatGPT chatbot. His position towards partial ownership by the platform’s users is positive. In his 2014 blog post, he expressed his dissatisfaction with the fact that users, who contribute significantly to platforms like Reddit, don’t own any of it.

    He also mentioned that 10% of shares from the Series B round went to Reddit users, expressing hope for increased community ownership over time.

    Reddit submits filing to go public on NYSE with the ticker ‘RDDT’

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    Business Internet Investments IPO Reddit Sam Altman social media Startups Steve Huffman Technology
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    Tapiwa Matthew Mutisi
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    Tapiwa Matthew Mutisi has been covering blockchain technology, intelligent technologies, cryptocurrency, cybersecurity, telecommunications technology, sustainability, autonomous vehicles, and other topics for Innovation Village since 2017. In the years since, he has published over 4,000 articles — a mix of breaking news, reviews, helpful how-tos, industry analysis, and more. | Open DM on Twitter @TapiwaMutisi

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    1. Pingback: Reddit aims for a $6.5 billion valuation in upcoming IPO, setting aside shares for users and moderators - Innovation Village | Technology, Product Reviews, Business

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