OpenAI CEO Sam Altman was a big winner in Reddit’s New York Stock Exchange debut on Thursday.
With Reddit's stock jumping 48%, Altman's stake went up by $200 million and is now worth over $613 million.OpenAI CEO Sam Altman says he has no equity in the $80 billion artificial intelligence startup he co-founded in 2015., Altman's stake in the social media site ballooned by $200 million to over $613 million. Shares of the 19-year-old company jumped 48% in New York Stock Exchange trading to close at $50.44.Altman, 38, is among the biggest Reddit shareholders, with control of 7.
Prior to the emergence of OpenAI in recent years, due most notably to the popularity of its ChatGPT chatbot, Altman was best known as a startup investor and as the president of Y Combinator, a poition he exited in 2019. Altman's investment portfolio includes past or present stakes inReddit was one of his top bets.
In 2014, Altman led Reddit's $50 million Series B funding round, after using the service every day for nine years, he wrote in a. He called the website"an example of something that started out looking like a silly toy for wasting time and has become something very interesting." In 2021, as the tech market was booming, Altman invested a combined $60 million in Reddit over two financing rounds. Those investments have yet to bear much fruit as Reddit's valuation, even after Thursday's rally, is below its private market peak. Reddit's filing shows Altman invested $50 million at $42.47 per share and $10 million at $61.79 per share.
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