Exclusive: OpenAI's recent share sale for employees was 65% larger than previously reported, raising $495 million
OpenAI CEO Sam Altman. OpenAI has developed Chat-GPT, and its more refined successor GPT-4.and start reading now.OpenAI completed a tender offer in April that allowed employees to sell shares to a group of investors. The sale was completed through a Delaware shell company called Aestas Management Company.
The shares were sold to a group of 40 accredited investors, according the the filing. That includes venture capital firms Andreessen Horowitz, Khosla Ventures, Sequoia Capital, and Founder's Fund, according to TechCrunch's previous reporting. Despite being listed as a participant in the deal on PitchBook, existing OpenAI investor Tiger Global did not actually participate in the offering, according to people familiar with the matter.
Silicon Valley investors have been clamoring to get a piece of OpenAI, a major bright spot in a tech landscape that has seen plummeting valuations in recent months. This tender offer provided a rare opportunity to get on the cap table of a company that hasn't completed a conventional fundraising round since its Series A round in 2019.
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