New Delhi| 23-02-2024, Updated 15:56 IST
Sam Altman, the CEO of OpenAI, has emerged as a significant figure at Reddit, holding more shares in the company than its CEO, Steve Huffman. With Reddit poised to go public, Altman stands to gain millions from his strategic investments in the platform.
Altman’s involvement with Reddit dates back to 2014 when he led the company’s $50 million Series B funding round. Expressing his appreciation for the platform in a blog post, Altman’s initial investment has since shown a 45% increase in value. Over the years, he continued to support Reddit, injecting an additional $50 million in the first half of 2021 and a further $10 million later that year.
As the third-largest investor in Reddit, Altman holds a significant stake, owning 9.2 percent of voting power in the company. With Reddit’s impending initial public offering (IPO), Altman’s investments position him favorably to reap substantial returns, especially as the company plans to offer shares to its users, known as Redditors.
Altman’s interests extend beyond Reddit. Known for his interest in raising funds for chip development to meet OpenAI’s AI computing demand, he has also invested in various other startups such as Asana and Instacart. Before assuming his role at OpenAI, Altman served as the president of Y Combinator, providing exposure to numerous small companies.
While Altman’s influence at Reddit has been significant, he stepped down from the company’s board in 2021, possibly to focus more on his role at OpenAI. In a blog post dated January 10, 2022, Reddit acknowledged Altman’s departure from the board after seven years of service, with Huffman expressing gratitude for Altman’s contributions to the company.
As Reddit gears up for its public debut, Altman’s foresight and investments position him to reap significant financial rewards, underscoring his influence in shaping the trajectory of one of the internet’s most influential platforms.
