Just in time for Santa’s arrival, around 400 current and former employees of OpenAI, the San Francisco-based AI powerhouse, are looking at a seriously happy holiday season. Thanks to a special deal orchestrated with Japanese tech investor SoftBank, they will be getting a chance to cash in on some serious company stock.
SoftBank is buying up OpenAI employee stock at $210 a share, giving insiders a golden opportunity to turn their hard-earned equity into cold hard cash. This is a big deal especially since OpenAI’s value has doubled in the last year now sitting pretty at a whopping $157 billion.
SoftBank is willing to drop up to $1.6 billion to buy stock from eligible employees, mostly those who have been with the company long enough (at least two years) to have their stock options fully vested.
They have got until Christmas Eve to decide how much they want to sell potentially making this a very merry Christmas indeed. This arrangement was first reported in November but now we know the number of people and the amount of shares that are eligible.
For those lucky enough to be in on the deal, it could mean a holiday bonus of epic proportions. Each person can sell up to $10 million worth of their vested stock. While current employees get first dibs, former employees are also part of the deal though they might not be able to sell the full $10 million if there’s not enough to go around.
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