Altman's hidden Reddit stock

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OpenAI's CEO Sam Altman is revealed to be one of Reddit's biggest shareholders, as disclosed in Reddit's IPO filing. Entities affiliated with Altman hold 8.7% of Reddit's outstanding shares, which includes 789,456 Class A shares and 11.4 million Class B shares39. This makes Altman the third-largest shareholder in the company, behind Advance Publications (part of the Newhouse family publishing empire) with about a third of the voting power, and Chinese tech company Tencent15. Altman's stake is significant, with 4.5% of Class A shares and 9.3% of Class B shares1. The size of his stake was not previously known, although he was known to be an investor in Reddit. The IPO filing also highlighted Reddit's focus on artificial intelligence as a potential growth area, aligning with Altman's interests in AI through his role at OpenAI1. Reddit has recently entered into a data licensing agreement valued at $203 million, which is expected to contribute to the training of future large language models (LLMs)1. Reddit is preparing to go public with an unusual IPO, offering shares to top users based on their Reddit "karma" and setting aside stock for individual investors through brokerage apps like Robinhood2. The company will be listed on the New York Stock Exchange under the ticker symbol "RDDT"2.
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