The popular internet forum site Reddit made its highly anticipated debut on the New York Stock Exchange this week, with the company’s mascot Snoo even making an appearance on the trading floor. Reddit’s stock closed at $50.44 on its first day of trading, marking a milestone for the platform that has become a cultural phenomenon in recent years.
One interesting twist in Reddit’s story is the involvement of OpenAI CEO Sam Altman. While Altman has no equity in the $80 billion AI startup he co-founded, he does own a $613 million stake in Reddit, making him one of the biggest shareholders in the company. Altman controls 7.6% of Reddit’s outstanding shares, but is currently unable to sell them due to a lockup period that will last for six months.
Altman’s ties to Reddit go beyond his financial stake in the company. He was a member of Reddit’s board until early this year and invested $60 million in the platform in 2021. However, Altman’s investments in Reddit have yet to bear much fruit, leading some to question his role in the company’s future success.
Altman has also faced controversy in his role at OpenAI, where he was briefly fired late last year. He has since been reinstated after an internal investigation and has returned to the company’s board. Despite his financial success with Reddit, Altman told U.S. senators that he is not motivated by money, receiving a total compensation of $73,500 in 2022.
As Reddit continues to make waves in the business world, Altman’s involvement in the company’s future could prove to be a key factor in its success. With his significant stake in the platform and his history of controversy at OpenAI, Altman’s influence on Reddit’s strategic direction will be closely watched in the months to come.
