According to Odaily Planet Daily, around 400 current and former OpenAI employees will be able to cash out millions of dollars due to a special stock sale plan arranged between OpenAI and Japan's SoftBank Group.
This tender offer allows certain OpenAI employees and former employees to sell their shares to SoftBank at a price of $210 per share. The company's valuation has doubled in the past year, reaching $157 billion.
SoftBank plans to purchase up to $1.6 billion worth of stock from eligible shareholders, who must have received restricted stock units over two years ago to participate.
Eligible OpenAI shareholders must decide whether to sell and how much to sell by December 24. Current OpenAI employees will have priority over former employees, with each current employee allowed to cash out up to $10 million.
Depending on the number of participants, former employees may not be able to sell the entire $10 million stake, but under OpenAI's regulations, they will be allowed to cash out at least $2 million in stock. The total amount of stock eligible for sale is $2 billion, with SoftBank agreeing to purchase $1.6 billion, and $400 million worth of stock may go unsold.