It has been revealed that Sam Altman, the successful CEO of OpenAI, holds a significantly larger stake in Reddit than previously estimated. Altman, who is known to have invested in the company before, was found to have a 8.7% stake in Reddit according to a research conducted by the U.S. Securities and Exchange Commission. This places the prominent CEO as the 3rd largest shareholder. The disclosure of this information, given Reddit’s upcoming public offering, has raised suspicions about the future of Reddit. Here are all the details…
What Is OpenAI CEO Planning for Reddit?
Other major investors in the company include Advance and Tencent. The company, which has seen a whopping 20% revenue increase, has struggled to translate this increase into profit and has faced financial difficulties. To overcome this, company executives have sought ways to generate revenue through user data and to go public. Altman, who was actively involved on Reddit’s board until 2022, is rumored to be considering developing comprehensive projects based on user data.
It is known that user data is crucial for the development of artificial intelligence technologies. Given that Altman, who serves as CEO of OpenAI, is a pioneer in these technologies, it is speculated that Reddit could greatly benefit from this. The company recently made its first data sales agreement with Google, worth a whopping $60 million. This agreement is seen as just the first of many to come in the future. However, there has been no official collaboration between OpenAI and Reddit thus far.
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