ChatGPT creator OpenAI in talks to sell shares for tender offer valuing $29 Bn
- ByStartupStory | January 6, 2023
The Wall Street Journal reported on Thursday, citing people familiar with the situation, that OpenAI, the artificial intelligence research institute behind chatbot ChatGPT, is in discussions to sell its current shares in a tender offer that would value the business at about $29 billion.
The venture capital firms Thrive Capital and Founders Fund will purchase shares from current shareholders like employees as part of the agreement, according to the report in the deal, at least $300 million in share sales would be invested, it added.
The research organization was established by billionaire and CEO of Tesla Inc. (TSLA.O), Elon Musk, and financier Sam Altman.
The Information reported on Tuesday that Microsoft Corp (MSFT.O), which invested $1 billion in OpenAI in 2019, was working to launch a version of its search engine Bing using the AI behind the currently trending ChatGPT.
Reuters reports, according to a pitch made to investors, the company expects business to soar and will generate $200 million in revenue next year and $1 billion by 2024.
The chatbot from OpenAI is a software application that can mimic human-like conversation in response to user input and can answer a wide variety of queries while mimicking human speaking patterns.
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