OpenAI enables employees to sell up to $1.5 billion worth of shares in a tender offer led by SoftBank Group (OTC:SFTBY) (OTC:SFTBF).
What Happened: The transaction, set to close by Dec 24, allows SoftBank to deepen its stake in the AI leader while offering liquidity to current and former employees, reported CNBC, citing people familiar with the matter.
OpenAI, backed by $13 billion in funding from investors including Microsoft Corp (NASDAQ:MSFT) and NVIDIA Corp (NASDAQ:NVDA), has emphasized the importance of such tender offers amid a dormant IPO market.
This initiative reflects the company’s commitment to employee satisfaction and continued capital-raising to sustain its growth in the competitive generative AI market.
SoftBank and OpenAI did not immediately respond to Benzinga's request for comment.
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