Sam Altman didn't take any equity in OpenAI, report says
Publishing timestamp: 2023-03-24 09:49:07
Summary
OpenAI CEO and co-founder Sam Altman did not take an equity stake in the company when it added a for-profit entity in 2019, which is an unusual decision by Silicon Valley founder standards. OpenAI has since received a $1 billion investment from Microsoft and is now looking to tender shares at a $29 billion valuation. Tesla CEO Elon Musk, who initially backed OpenAI, reportedly proposed assuming control over the company in 2018, but his offer was rejected by Altman and the team, leading to Musk's departure. Altman's lack of initial equity reportedly gave investors pause, but the success of OpenAI's ChatGPT has likely tempered those concerns.
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