💰 OpenAI Is Now Worth $500 Billion

OpenAI, the company behind ChatGPT, has become the world's most valuable private corporation, beating Elon Musk's SpaceX by $100 billion.

A consortium of investors, including Thrive Capital, SoftBank, and Abu Dhabi state-backed MGX, purchased $6,6 billion worth of shares from current and former OpenAI employees. As a result, the company's valuation increased by 1.5x to $500 billion, from $300 billion in March after the last round.

According to rumors, only employees who had held their shares for at least 2 years may sell. The transaction was smaller than the approved $10 billion limit, indicating that many OpenAI employees remain optimistic about the company's future and are hesitant to sell their shares.

The initiative also helps OpenAI retain talent by providing staff with liquidity without jumping ship, even when competitors make generous offers.