Sam Altman’s Reddit stake now worth over $1 billion after post-earnings pop
OpenAI CEO Sam Altman's stake in Reddit has ballooned to more than $1 billion in value, as of after-hours trading on Tuesday.
Sam Altman, the controversial CEO of OpenAI, has a stake in social media company Reddit that's worth over $1 billion as of post-market trading on Tuesday.
Altman controls roughly 12.2 million shares of Reddit, a company he first invested in over a decade ago. Reddit shares soared about 20% in extended trading after the compny reported better-than-expected quarterly results and issued an optimistic forecast.
At Reddit's after-hours share price of $98, Altman's holdings are valued at about $1.2 billion.
Prior to the surging popularity of OpenAI's ChatGPT, which was released to the public in late 2022, Altman was best known as a startup investor and as the former president of Y Combinator. Altman's investment portfolio includes past or present stakes in Airbnb, Uber, Instacart, Stripe and Asana, but one of his top bets was Reddit. Altman was on the social media platform's board until around January 2022, when the company said he had recently stepped down.
Reddit went public in March at $34 a share.
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