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.

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-a...

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).

> 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.

Did you mean permission, not position? I’m not sure I understand what someone’s position could mean.

Yes.

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

You have no idea what youre talking about