Sam Altman: OpenAI’s Sam Altman stands to rake in over $400 million from Reddit IPO
OpenAI chief Sam Altman might rake in over $400 million from the upcoming initial public offering (IPO) of online conversation and discussion platform Reddit. But, that’s only if Reddit can achieve a valuation of $5 billion.
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According to Bloomberg estimates, Altman is the third-largest shareholder in Reddit owning an 8.7% stake comprising 789,456 Class A shares and 11.4 million supervoting Class B shares. If Reddit hits the $5-billion valuation in the IPO, Altman’s stake would be valued at about $435 million.
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Whether Altman sells his shares or not is a different question.
Altman first invested in the company’s Series B funding round in 2014, suggests a report from Business Insider. Further, he invested again in 2017 in the firm’s Series C round, according to tech website Axios.
He also served as a director on the company’s board till 2022 and was also the firm’s CEO for just over a week in 2014 following the resignation of the then-CEO Yishan Wong.
“Although my 8 days as the CEO of Reddit have been sort of fun, I am happy they are coming to a close and I am sure the new team will do a far better job and take Reddit to great heights. It’s interesting to note that during my very brief tenure, Reddit added more users than Hacker News has in total,” he had written in a blog post at that time.
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IPO details
On Thursday, Reddit disclosed in its IPO filing that its net loss narrowed to $90.8 million and revenue growth was roughly 21% in 2023.
The IPO filing comes almost two decades after Reddit’s launch and will be a major test for the platform that still lags the commercial success of social media contemporaries such as Facebook and Twitter, now known as X.
Reddit said it had an average of 73.1 million daily active users and 267.5 million weekly active users in the three months ended December 31, 2023. The company said over 100,000 active communities used its platform, which had 1 billion cumulative posts.
According to a Reuters report, Reddit has struck a deal with Alphabet’s Google to make its content available to train the search engine giant’s artificial intelligence models. The contract is worth about $60 million each year, the report added.
OpenAI chief Sam Altman might rake in over $400 million from the upcoming initial public offering (IPO) of online conversation and discussion platform Reddit. But, that’s only if Reddit can achieve a valuation of $5 billion.
![]()
According to Bloomberg estimates, Altman is the third-largest shareholder in Reddit owning an 8.7% stake comprising 789,456 Class A shares and 11.4 million supervoting Class B shares. If Reddit hits the $5-billion valuation in the IPO, Altman’s stake would be valued at about $435 million.
Elevate Your Tech Prowess with High-Value Skill Courses
| Offering College | Course | Website |
|---|---|---|
| IIT Delhi | IITD Certificate Programme in Data Science & Machine Learning | Visit |
| Indian School of Business | ISB Professional Certificate in Product Management | Visit |
| IIM Lucknow | IIML Executive Programme in FinTech, Banking & Applied Risk Management | Visit |
Whether Altman sells his shares or not is a different question.
Altman first invested in the company’s Series B funding round in 2014, suggests a report from Business Insider. Further, he invested again in 2017 in the firm’s Series C round, according to tech website Axios.
He also served as a director on the company’s board till 2022 and was also the firm’s CEO for just over a week in 2014 following the resignation of the then-CEO Yishan Wong.
“Although my 8 days as the CEO of Reddit have been sort of fun, I am happy they are coming to a close and I am sure the new team will do a far better job and take Reddit to great heights. It’s interesting to note that during my very brief tenure, Reddit added more users than Hacker News has in total,” he had written in a blog post at that time.
Discover the stories of your interest
IPO details
On Thursday, Reddit disclosed in its IPO filing that its net loss narrowed to $90.8 million and revenue growth was roughly 21% in 2023.
The IPO filing comes almost two decades after Reddit’s launch and will be a major test for the platform that still lags the commercial success of social media contemporaries such as Facebook and Twitter, now known as X.
Reddit said it had an average of 73.1 million daily active users and 267.5 million weekly active users in the three months ended December 31, 2023. The company said over 100,000 active communities used its platform, which had 1 billion cumulative posts.
According to a Reuters report, Reddit has struck a deal with Alphabet’s Google to make its content available to train the search engine giant’s artificial intelligence models. The contract is worth about $60 million each year, the report added.
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