In Reddiup to dateofIPOIn the document, OpenAI CEOSam AltmanbecomeReddit Inc., a major shareholder of Reddit, holds 8.7% of Reddit shares, including 789,456 Class A shares and 11.4 million Class B shares.
Altman has a long and close relationship with Reddit, having participated in the inaugural class of the Y Combinator accelerator in 2005 alongside Reddit co-founders Steve Huffman and Alexis Ohanian, and having briefly served as the company’s interim CEO following the resignation of former CEO Yishan Wong.
Source Note: The image is generated by AI, and the image is authorized by Midjourney
In Thursday's filing, Reddit said it plans to expand its business through data licensing agreements with artificial intelligence companies and the development of its own artificial intelligence products. Although it has reached an agreement with Google that includes artificial intelligence training, it has not yet announced a partnership with Altman's OpenAI. Reddit co-founder and CEO Huffman said in the filing that Reddit has a rich, unique and timely archive of human conversations, which is a valuable data set for multiple purposes such as search, artificial intelligence training and research.
Altman’s stake makes him Reddit’s second-largest shareholder, behind Advance Magazine Publishers Inc., part of the Newhouse family’s publishing empire, which owns about a third of the voting power. Altman served as interim CEO of Reddit and said in a statement that he was satisfied with his time there.
As a major shareholder of Reddit, Altman will bring more attention to the company's IPO, especially at the intersection of artificial intelligence and social media. Reddit plans to further develop its business by cooperating with artificial intelligence companies, a strategy that will attract close attention from the industry.
