Thrive Capital is investing more than $1 billion of OpenAI's current $6.5 billion fundraising round, and it has a sweetener no other investors are getting...
- Thrive Capital is investing more than $1 billion of OpenAI's current $6.5 billion fundraising round, and it has a sweetener no other investors are getting: the potential to invest another $1 billion next year at the same valuation if the AI firm hits a revenue goal, people familiar with the matter said on Friday.
That valuation depends on pulling off a complicated restructuring to remove the control of its non-profit board and also remove cap on investment return to investors, a plan first reported by Reuters. There is no specific timeline when the conversion could be completed. Reuters was not able to determine the revenue target associated with the option for Thrive, which was founded by Joshua Kushner.OpenAI's revenue expectations far exceed CEO Sam Altman's earlier projection of $1 billion in revenue this year. The main revenue sources are sales of its services to corporations and subscriptions to its chatbot.Its flagship product, ChatGPT, is expected to bring in $2.7 billion in revenue this year, jumping from $700 million in 2023.
Brazilian Supreme Court Justice Alexandre de Moraes on Friday added conditions for Elon Musk’s X to have its service reestablished in the country, one day after the social media platform said it had complied with all the judge’s demands, including naming a legal representative. De Moraes said in a ruling that X may only be reinstated in Brazil after another company linked to the billionaire, satellite-based internet service provider Starlink, withdraws its appeals related to the case.
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