According to several people familiar with the matter, artificial intelligence start-up OpenAI insists on letting employees sell shares in the company through an "tender offer" and giving them an extra month to consider whether to sell their shares.
People familiar with the matter said in October that OpenAI had been in talks with investors about the sale of employee shareholdings, which valued the company at $86 billion. But amid the turmoil earlier this month that chief executive Sam Altman was fired and then quickly reinstated, there were fears that the sale might not go as planned.
A person familiar with the negotiations at Tuyuan Pexels said many investors withdrew from the offer after learning that Altman had been abruptly fired. But after Mr Altman returned as chief executive, investor demand and enthusiasm were rekindled to make up for the share vacated by some investors pulling out of the deal.
Given the recent upheaval, OpenAI will give employees an extra month to decide whether to continue to sell shares, extending the deadline to January 5, people familiar with the matter said. People familiar with the matter had previously said the sale was scheduled to end in early December. A representative for OpenAI declined to comment.
The $86 billion valuation makes OpenAI one of the most highly valued start-ups in the world. A year ago, the company launched the chat robot ChatGPT, which sparked a frenzy for artificial intelligence in the technology industry and became the most famous artificial intelligence start-up in Silicon Valley.
Minority-owned companies often use such takeover offers to give employees the opportunity to release the value of their holdings ahead of an initial public offering (IPO), which also gives investors the opportunity to snap up more shares.
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