OpenAI Employees Cash Out $7B; Company Valued at $852B

OpenAI employees have just cashed out about $7 billion in shares. This move values the ChatGPT maker at $852 billion. What's interesting is this tender offer allows current and former employees to sell some of their existing stock. This isn't a traditional funding round where OpenAI issues new shares. The transaction provides liquidity to employees who have accumulated valuable equity. This share sale comes as OpenAI prepares for a potential Wall Street debut. The company confidentially filed paperwork for an IPO in June. This would give public-market investors their first chance to own shares in the company behind ChatGPT. The bottom line is this deal lets employees convert paper wealth into cash before the company goes public.