Reddit mascot Snoo is seen on the floor of the New York Stock Exchange (NYSE) as Reddit begins trading in New York on March 21, 2024.
Timothy A. Clary | AFP | Getty Images
OpenAI CEO Sam Altman says he has no equity in the $80 billion artificial intelligence startup he co-founded in 2015.
His Reddit ownership is another matter altogether.
Following Reddit’s stock market debut on Thursday, Altman’s stake in the social media site ballooned by $200 million to over $613 million. Shares of the 19-year-old company jumped 48% in New York Stock Exchange trading to close at $50.44.
Altman, 38, is among the biggest Reddit shareholders, with control of 7.6% of outstanding shares after the offering, according to the company’s prospectus. That’s behind only Condé Nast parent Advance Magazine Publishers and Chinese internet giant Tencent.
Like other insiders, Altman is restricted from selling Reddit shares for six months during the so-called lock-up…
