OpenAI is sticking with a plan to let employees sell shares in the company through a tender offer and it’s giving would-be participants an extra month to decide whether to take part, several people with knowledge of the matter told Bloomberg’s Shirin Ghaffary, Ed Ludlow and Gillian Tan. OpenAI had been in talks to sell shares in a deal that would value the company at $86B, people with knowledge of the matter told Bloomberg in October, but some investors dropped out of the tender offer following the shock ouster of CEO Sam Altman, one person with knowledge of the matter said. However, after Altman was reinstated as CEO, there was enough investor demand to cover the dropouts’ portion of the deal, the report noted.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on MSFT:
- Alphabet (NASDAQ:GOOGL) Urges Regulators to Curb Microsoft’s Unfair Practices
- Can Microsoft Stock Reach $475? Top Analyst Weighs In
- Microsoft to invest $3.2B in U.K. over three years, Reuters reports
- Big tech companies continue job microcuts to control costs, WSJ says
- Tech Titans Continue to Trim Costs Even as Stocks Rebound