OpenAI's Tender Offer Still on Track for January 2024 Despite Leadership Changes

OpenAI's tender offer to allow employees to sell shares to outside investors is still on track for January 2024, despite recent leadership changes. The tender offer is being led by Josh Kushner's Thrive Capital. It will value OpenAI at around $86 billion, which is 3 times OpenAI's previous funding round in April 2022, that valued the company at $28 billion. The tender offer was temporarily jeopardized by Sam Altman's removal as CEO earlier this month, but his return to the role has cleared the way for it to proceed. Microsoft, which owns a 49% stake in OpenAI, will have a non-voting board observer seat but is not participating in the tender offer. Major investors like Tiger Global and Seh-coi-ya Capital also may not participate.