After facing pressure from stakeholders, OpenAI last week informed current and former employees about changes to its rules around tender offers.
OpenAI has changed its policies towards secondary share sales to allow current and former employees to participate equally in its annual tender offers, CNBC has learned.
OpenAI CEO Sam Altman speaks during the Microsoft Build conference at Microsoft headquarters in Redmond, Washington, on May 21, 2024.OpenAI has reversed its policies towards secondary share sales, and will now allow current and former employees to participate equally in annual tender offers, CNBC has learned.
Current and former OpenAI employees previously told CNBC that there was growing concern about access to liquidity after reports that the company had the power toEarlier documents indicated that, for former employees, secondary sales typically took place months after transactions for current staffers. And sales limits could differ significantly. In at least two tender offers, the limit for former employees was $2 million, compared to $10 million for current employees.
Former employees who now work at competitors will also no longer be excluded from official tender offers, and will be included in the same category as other former employees, the internal document stated.
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