OpenAI boss Sam Altman to be handed 9.5bn in shares [Video]

OpenAI boss Sam Altman is set to become a multibillionaire under plans to hand him a €9.5bn stake in the company, writes Leah Montebello.

The artificial intelligence (AI) start-up behind ChatGPT is looking to become a for profit business after years of non-profit status.

It will now aim to make a profit for its owners rather than for a social cause.

The restructuring will mean co-founder and chief executive Altman will receive equity for the first time, with talks under way to hand him a 7pc stake worth around €9.5bn, adding to his estimated personal fortune of €900m.

OpenAI, which has around 1,700 staff, is looking to raise about €6bn of fresh investment, giving the company a valuation of €135bn.

It is thought the new structure will help attract investors. Microsoft has pumped in more than £7bn, in exchange for 49pc ownership.

OpenAI said: “We remain focused on building AI that benefits everyone, and …