After news broke Thursday that social media platform Reddit filed its IPO paperwork, documents revealed that OpenAI CEO Sam Altman is the company's third-largest stakeholder.⁠ ⁠ Altman holds 8.7% of the company's outstanding shares. For context, Reddit CEO Steve Huffman only holds 3.3%.⁠ ⁠ With Reddit seeking a valuation of at least $5 billion, Altman's stake could be worth roughly $435 million when the company goes public next month. ⁠ ⁠ Despite not being a co-founder, Altman's no stranger to Reddit: he's taken part in various funding rounds since 2014, and has invested at least $60 million since then. He also spent time as a board member from 2015-22, and had a brief cameo as Reddit CEO for eight days in 2014. ⁠ ⁠ The social platform's IPO is a big moment in two ways: it's the first major tech offering of 2024 and the first social media IPO since Pinterest in 2019. ⁠ ⁠ 📸 : Getty⁠ ⁠ #reddit #ipo #nyse #marketnews #technews #openai #socialmedia #business #businessnews