OpenAI sold shares worth 6.6 billion dollars from current and former employees, according to Bloomberg. This transaction raised its valuation to a total of 500 billion dollars, a record for a private company.
The buyers include SoftBank, Dragoneer Investment Group, Thrive Capital, MGX, and T. Rowe Price. The sale did not provide capital for the company, but instead benefited individuals who held shares or options.
A strategy to retain talent
The sale also serves as a retention tool against competition. This year, Meta recruited at least seven key OpenAI engineers, offering million-dollar bonuses to attract them.
