Sam Altman, the controversial CEO of OpenAI, has a stake in social media firm Reddit that is value over $1 billion as of post-market buying and selling on Tuesday.

Altman controls roughly 12.2 million shares of Reddit, an organization he first invested in over a decade in the past. Reddit shares soared about 20% in prolonged buying and selling after the compny reported better-than-expected quarterly outcomes and issued an optimistic forecast.

At Reddit’s after-hours share value of $98, Altman’s holdings are valued at about $1.2 billion.

Previous to the surging reputation of OpenAI’s ChatGPT, which was launched to the general public in late 2022, Altman was finest referred to as a startup investor and because the former president of Y Combinator. Altman’s funding portfolio contains previous or current stakes in Airbnb, Uber, Instacart, Stripe and Asana, however one in all his high bets was Reddit. Altman was on the social media platform’s board till round January 2022, when the corporate said he had lately stepped down.

Reddit went public in March at $34 a share.

Altman is among the many firm’s largest shareholders, behind solely Condé Nast dad or mum Advance Journal Publishers, Chinese language web large Tencent and Constancy. In 2021, because the tech market was booming, Altman invested a mixed $60 million in Reddit over two funding rounds, in response to the corporate’s IPO prospectus from earlier this yr.

High shareholders had been forbidden from promoting Reddit shares for six months in the course of the “lockup interval,” which expired in September. There isn’t any indication that Altman has bought any of his inventory.

Altman did not instantly reply to a request for remark.

Earlier this month, OpenAI closed its latest funding round at a valuation of $157 billion, together with the $6.6 billion the corporate raised from an intensive roster of funding companies and tech firms. The corporate expects about $5 billion in losses on $3.7 billion in income this yr, CNBC confirmed in September.

Altman told employees final month that there aren’t any plans for him to obtain a “large fairness stake” within the firm.

In March, OpenAI mentioned Altman was rejoining the company’s board following the conclusion of an inside investigation by U.S. regulation agency WilmerHale into the occasions that led to his sudden ouster (and fast reinstatement) late final yr.

— CNBC’s Ari Levy contributed to this report

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