It has been revealed that OpenAI CEO Sam Altman owns much more shares of Reddit, which has been on the rise recently, than expected. As a result of an investigation by the US Securities and Exchange Commission, Altman was found to own 8.7 percent of the shares. This makes him Reddit’s third largest shareholder.
Altman’s stake has raised concerns about the future of Reddit. The company is set to go public soon, and Altman’s large stake has led to speculation that he may intend to take control of the platform.
Reddit‘s other major investors are Advance and Tencent. Despite a 20% revenue growth in 2022, the company failed to turn a profit and ran into financial difficulties. To get out of this situation, it decided to monetize user data and go public.
It is noteworthy that Altman is on Reddit’s board of directors until 2022. This suggests that Altman may have extensive plans for the platform’s user data. User data is critical to the development of artificial intelligence technologies, and there is speculation that Altman wants to combine OpenAI with Reddit to create a major force in this field.
Reddit recently signed its first data sales agreement with Google for $60 million. This deal is expected to pave the way for similar deals in the future. However, no official collaboration between OpenAI and Reddit has been announced so far.
There are many questions about Altman’s stake in Reddit and his plans. This raises concerns about the future of the platform. Only time will tell what will happen in the future and what direction Altman will take Reddit.
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Note: This news article is based on available information. It may be updated as developments and new information become available.
