OpenAI CEO Sam Altman stated that although he does not now own any stock in the company, he did have a brief and indirect ownership through a Sequoia fund in the past. This disclosure is made as OpenAI works through Elon Musk's lawsuit and transforms into a for-profit company.
Altman stressed that the non-profit organization, which demanded a majority of individuals to serve on its board, was the reason he first decided to take shares. Altman has a modest investment through a YC fund, which was started prior to accepting his full-time position at OpenAI, even though he consistently claimed that he had no equity.
Recent Statement of OpenAI CEO Sam Altman
His recent statement goes against his previous claim that has no stocks in Open AI. In a Thursday interview with Bari Weiss, Altman was questioned about the potential interest he would have in the event that OpenAI is successful in becoming a for-profit business. He said that he had some equity through a Sequoia fund. But that one proved to be easier to sell and not hold the stake in. So, he only has a small amount that is meaningless to him. He further said that he is not sure about the future and had no assurance of receiving anything at that time.
Previous Investements of Altman in Open AI
While Altman's Sequoia investment was unknown, his Y Combinator investment was widely recognized. On its website, OpenAI reveals Altman's investment in his own business through YC. The company claims that the CEO's only stake in the business is this little investment, which was made prior to his permanent position at OpenAI.
Sequoia’s Investment
According to its website, Sequoia made its first investment in OpenAI in 2021, two years after Altman was appointed as the company's full-time CEO. OpenAI was valued at about $14 billion at the time, but after the startup's most recent fundraising round earlier this year, the company's worth jumped to $157 billion. Sequoia was also involved in this fundraising.
Even though Sequoia's 2021 investment in OpenAI has a greater value now, Altman's investment through the company's venture fund is still unclear. Sequoia and other venture companies are prohibited from disclosing their special partner shareholders. Therefore information about exact investment of Altman is unknown.
Statement of Kayla Wood
An OpenAI representative acknowledged Altman's previous exposure, but they did not elaborate on these details. According to the statement of Kayla Wood, Sam has never owned any shares in OpenAI directly. He owned a small interest, not more than a fraction of a percent. He later discovered that Sequoia had a little association with OpenAI. She further added that Sam is no longer involved with the fund in any way.