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    Vikshita Vitthal Gujaran in News

    22 Mar 06:16 AM


    OpenAI CEO Sam Altman's Reddit stake rises over $200 million after IPO. It is now worth…

    OpenAI CEO Sam Altman's stake in Reddit rose by $200 million to over $613 million following the social media company's IPO debut. Shares of the 19-year-old company jumped 48% in New York Stock Exchange trading to close at $50.44. Sam Altman- who is among the biggest Reddit shareholders- has a control of 7.6% of outstanding shares after the offering, according to the company’s prospectus. This is behind only Condé Nast parent Advance Magazine Publishers and Chinese internet giant Tencent.
    But Sam Altman is restricted from selling Reddit shares for six months during the so-called lockup period.
    What does Sam Altman's investment portfolio look like?
    Prior to the emergence of OpenAI in recent years, Sam Altman was best known as a startup investor and as the president of Y Combinator, a position he exited in 2019.

    Source - Hindustan Times