OpenAI has allowed its employees to sell shares worth $1.5 billion as part of a tender offer from SoftBank. This was reported by CNBC, citing sources.
The deal will enable the Japanese conglomerate to acquire a significant stake in the AI startup, while current and former employees of the firm will have the opportunity to cash out their shares. Employees have until December 24 to decide on participating in the tender offer.
The transaction was initiated by SoftBank’s founder and CEO, Masayoshi Son, who has been eager to acquire more OpenAI shares following investments in the latest funding round, where Sam Altman’s firm raised $6.6 billion at a valuation of $157 billion.
According to media reports, the tender offer is not related to any potential plans by the ChatGPT developer to restructure the company.
Employees of the AI startup will be able to sell shares at a price of $210 each, reflecting the latest valuation. The company plans to increase the number of such secondary sales in the future, CNBC noted.
In June, the CEO of SoftBank predicted the emergence of “artificial superintelligence” within 10 years. He added that the company’s mission is to support humanity’s progress in creating superintelligence.