About 400 current and former OpenAI employees could cash in millions of dollars by selling stock to SoftBank

About 400 current and former OpenAI employees are set to cash out millions of dollars thanks to a special stock sale that OpenAI arranged with Japan's SoftBank Group. The tender offer allows certain OpenAI employees and former employees to sell their shares to SoftBank for $210 per share, according to people familiar with the matter. The deal allows employees to cash out some of their holdings in a company that has doubled its valuation to $157 billion over the past year. SoftBank plans to buy up to $1.6 billion worth of shares from eligible shareholders, who must have received restricted stock units more than two years ago to participate, the sources said. Eligible OpenAI shareholders have until December 24 to decide whether to sell and how much to sell. OpenAI currently has more than 2,000 employees. If the deal is oversubscribed, current OpenAI employees will get priority over former employees. All eligible current employees can cash out up to $10 million each. Depending on the number of participants, former employees may not be able to sell all $10 million in equity, but according to OpenAI's rules, they will be able to cash out at least $2 million in stock. Sources revealed that OpenAI said the total amount of stock eligible for sale is $2 billion. Since SoftBank has agreed to buy $1.6 billion, this means that there may be $400 million worth of stock that no one buys. (Fortune)