OpenAI Lifts 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 financial winners of the artificial intelligence boom.

In October last year, over 600 current and former employees sold their shares en masse, cashing out a total of $6.6 billion. According to sources familiar with the matter, approximately 75 of them sold their full quota, cashing out the maximum of $30 million. Some chose to donate their remaining shares, placing them into donor-advised funds, which are charitable investment accounts that allow funds to be used for public welfare while providing donors with corresponding tax deductions for that year.

This stock sale offers a glimpse into the massive wave of capital set to flood into San Francisco and other tech hubs. OpenAI and Anthropic are preparing for a potential future IPO, which could become one of the largest in history. At that time, thousands of ordinary employees at both companies will be able to sell their shares, with many set to join the ranks of millionaires. (The Wall Street Journal)