OpenAI loosens restrictions on employee stock sales

Odaily In a recent funding round, OpenAI allowed each employee to sell up to $30 million worth of shares, making them some of the earliest wealth winners in the AI boom.

Last October, over 600 current and former employees centrally sold their shares, cashing out a total of $6.6 billion. According to sources familiar with the matter, around 75 individuals sold their full allocation, cashing out the maximum of $30 million. Some chose to donate their remaining shares, placing them into "donor-advised funds," a type of charitable investment account that allows funds to be used for philanthropic causes while granting the donor corresponding tax deductions for that year.

This share sale offers a glimpse into the massive influx of capital set to pour into San Francisco and other tech hubs. OpenAI and Anthropic are preparing for potential future IPOs, which could become some of the largest in history. At that time, thousands of ordinary employees from both companies will be able to sell their shares, and many are likely to become multimillionaires in the process. (The Wall Street Journal)