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> their TC is now $900k As a community we should stop throwing numbers around like this when more than half of this number is speculative. You shouldn't be abl

by raydev 2y ago

> their TC is now $900k As a community we should stop throwing numbers around like this when more than half of this number is speculative. You shouldn't be able to count it as "total compensation" unless you are compensated.

nojvek 2y ago
Word on town is OpenAI folks heavily selling shares in secondaries in 100s of millions. The number is as real as someone else is willing to pay for them. Plenty of VCs willing to pay for it.
- michaelt 2y ago
  Word in town is [1] openai "plans" to let employees sell "some" equity through a "tender process" which ex-employees are excluded from; and also that openai can "claw back" vested equity, and has used the threat of doing so in the past to pressure people into signing sketchy legal documents. [1] https://www.cnbc.com/2024/06/11/openai-insider-stock-sales-are-raising-concern-among-ex-employees-.html https://www.cnbc.com/2024/06/11/openai-insider-stock-sales-a...
  - comp_throw7 2y ago
    I would definitely discount OpenAI equity compared to even other private AI labs (i.e. Anthropic) given the shenanigans, but they have in fact held 3 tender offers and former employees were not, as far as we know, excluded (though they may have been limited to selling $2m worth of equity, rather than $10m).
- JumpCrisscross 2y ago
  > Word on town is OpenAI folks heavily selling shares in secondaries in 100s of millions OpenAI heavily restricts the selling of its "shares," which tends to come with management picking the winners and losers among its ESOs. Heavily, heavily discount an asset you cannot liquidate without someone's position, particularly if that person is your employer.
  - shuckles 2y ago
    Did you mean permission, not position? I’m not sure I understand what someone’s position could mean.
    - JumpCrisscross 2y ago
      Yes.
whimsicalism 2y ago
don’t comment if you don’t know what you’re talking about, they have tender offers
ldjkfkdsjnv 2y ago
You have no idea what youre talking about

by raydev 2y ago

nojvek 2y ago

Word on town is OpenAI folks heavily selling shares in secondaries in 100s of millions. The number is as real as someone else is willing to pay for them. Plenty of VCs willing to pay for it.

michaelt 2y ago
Word in town is [1] openai "plans" to let employees sell "some" equity through a "tender process" which ex-employees are excluded from; and also that openai can "claw back" vested equity, and has used the threat of doing so in the past to pressure people into signing sketchy legal documents. [1] https://www.cnbc.com/2024/06/11/openai-insider-stock-sales-are-raising-concern-among-ex-employees-.html https://www.cnbc.com/2024/06/11/openai-insider-stock-sales-a...
- comp_throw7 2y ago
  I would definitely discount OpenAI equity compared to even other private AI labs (i.e. Anthropic) given the shenanigans, but they have in fact held 3 tender offers and former employees were not, as far as we know, excluded (though they may have been limited to selling $2m worth of equity, rather than $10m).
JumpCrisscross 2y ago
> Word on town is OpenAI folks heavily selling shares in secondaries in 100s of millions OpenAI heavily restricts the selling of its "shares," which tends to come with management picking the winners and losers among its ESOs. Heavily, heavily discount an asset you cannot liquidate without someone's position, particularly if that person is your employer.
- shuckles 2y ago
  Did you mean permission, not position? I’m not sure I understand what someone’s position could mean.
  - JumpCrisscross 2y ago
    Yes.

whimsicalism 2y ago

don’t comment if you don’t know what you’re talking about, they have tender offers

ldjkfkdsjnv 2y ago

You have no idea what youre talking about