OpenAI’s tender offer for employees to sell shares to outside investors is moving forward despite leadership changes and board shuffling.
Thrive Capital, led by Josh Kushner, will value OpenAI at $86 billion, the same as previously reported in October. This round and valuation were put at risk when CEO Sam Altman was ousted temporarily earlier in November. Altman’s return has now cleared the way for the tender offer to proceed.
The offer involves the purchase of existing units largely held by employees, providing liquidity. The round has been extended to January 5th.
The company’s non-profit board argued that Altman “was not consistently candid in his communications with the board” as CEO, but on Wednesday, OpenAI announced Altman and President Greg Brockman’s official return to their previous roles, along with a new board.
Microsoft, which holds a 49% stake in OpenAI, obtained a non-voting board observer position.
Additional major backers include Founders Fund, Sequoia Capital, and, following the tender offer, Thrive Capital. Not all major backers will receive a director position, however, as Tiger Global will not likely pursue a board seat.
Thrive Capital declined to comment beyond saying it remained “committed” to OpenAI’s future.
Sequoia Capital declined to comment on whether it would be involved in the upcoming tender, while Founders Fund will not participate in the offer, according to a person familiar with the firm.
The tender offer has been extended to January 5th and was previously reported by The Information and Bloomberg.
As of now, OpenAI has not responded to CNBC’s request for comment.
— CNBC’s Ari Levy & Jordan Novet contributed to this report.
To view, Elon Musk’s comments on OpenAI, click here.
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