Over the past few days, several media publications have reported about ChatGPT-parent, OpenAI CEO Sam Altman’s Reddit stock ownership. However, contrary to the widely reported $435 million, Altman’s actual stake is significantly lower.
What Happened: Reddit’s recent IPO filing disclosed that entities linked to the OpenAI CEO possess 8.7% of the company's outstanding shares, including 789,456 Class A shares and 11.4 million Class B shares. However, the association of the shares with Altman does not imply ownership by him, reported Business Insider.
According to the document, “Altman disclaims beneficial ownership of these shares except to the extent of his respective pecuniary interest therein.”
“This is a legal distinction indicating that while he has control over the voting and dispositive control over ...