OpenAI CEO Sam Altman sat before Congress in 2023 to testify about the dangers of AI. He told American lawmakers at the time that he owns no equity in OpenAI, something he’s said many times, claiming he just runs the company because he loves it.
However, Altman recently said he actually did have some equity in OpenAI through a Sequoia fund at one point, a stake he has since sold. In an interview with Bari Weiss released Thursday, Altman was asked what kind of stake he might have if OpenAI successfully converts into a for-profit company.
While Altman’s investment through Y Combinator was known, his investment through Sequoia was not. OpenAI discloses Altman’s indirect investment in his own company through YC on its website. The startup says this “small investment” is the CEO’s “only interest” in the company and was made before he worked full time at OpenAI.
Sequoia first invested in OpenAI in 2021, according to its website, two years after Altman became the full-time CEO of OpenAI. At that time, OpenAI was worth roughly $14 billion, a valuation that’s exploded to $157 billion after the startup’s latest funding round earlier this year — a round Sequoia participated in as well.
While Sequoia’s stake in OpenAI from 2021 is worth a lot more now, there are several unknowns about Altman’s investment through the venture firm. Venture firms like Sequoia aren’t required to disclose their limited partner investors. It’s unclear when Altman sold the stake and for how much.
An OpenAI spokesperson confirmed Altman’s prior exposure in a statement to TechCrunch, but did not offer specifics on these aspects.
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