Global AI giant OpenAI recently announced a significant policy adjustment, allowing current and former employees to participate equally in the annual stock tender. This move marks an important shift in the company's equity management.
According to CNBC, OpenAI previously imposed strict restrictions on secondary stock sales, with the company having the power to determine participant eligibility, which raised widespread concerns among shareholders. Many shareholders holding equity worth millions of dollars worried about their inability to liquidate their holdings. Considering that OpenAI currently has no plans for an IPO, and the company's high valuation deters potential acquirers, secondary stock sales became the only way for shareholders to realize part of their paper wealth.
Last week, OpenAI released a document through its equity management software indicating that the company had revised its policies. The new policy explicitly states that "all current and former service providers (including employees and consultants) will have the same sales limits." This change means that former employees no longer need to wait for months to participate in transactions and no longer face lower sales caps. Previously, in at least two tender offers, former employees had a limit of $2 million, while current employees had a limit of $10 million.
This policy adjustment by OpenAI reflects the company's efforts to balance employee rights and corporate interests. As the third most valuable unicorn globally, OpenAI's valuation reached a staggering $86 billion (approximately 625.313 billion RMB) in April. However, the high valuation also brings liquidity pressures, especially for those holding large amounts of equity but unable to trade freely.
This policy adjustment may have a positive impact within OpenAI, alleviating financial pressures on employees and enhancing the company's appeal and retention rate for talent. At the same time, it may stimulate activity in the secondary market, providing more opportunities for investors to participate in OpenAI's growth.
Despite the relaxation of stock sales policies, OpenAI's IPO plans still lack a clear timetable. Company executives previously stated that they would not consider going public in the short term. This means that the secondary market will remain the primary channel for OpenAI shareholders to achieve liquidity.