Top Tech News: OpenAI Raises US$6.6 Billion in Funding; Robinhood Expands Cryptocurrency Services Across 27 EU Nations

OpenAI, the firm behind ChatGPT, has secured a whopping $6.6 billion in funding, pushing its worth to a projected $157 billion. This latest investment solidifies OpenAI’s position as one of the world’s most valuable private companies in the AI market.

After the funding, OpenAI intends to provide its staff with the chance to sell their stakes through a stock purchase plan, though the exact details and schedule are still being worked out. Earlier in the year, a few employees sold their shares for a valuation of US$86 billion.

Thrive Capital, which contributed around US$1.2 billion to the deal, has a buyout option for an extra US$1 billion in investments next year, provided OpenAI meets specific financial goals.

Despite initial discussions, Apple did not take part in the investment round, as reported by Reuters.

This funding round also aligns with OpenAI’s efforts to shift from a non-profit to a for-profit model, to draw in more investment and lift restrictions on returns for investors. 

The company has also seen a recent execution of top executives,  including the sudden resignation of CTO Mira Murati last week.

OpenAI forecasts a significant rise in earnings to US$11.6 billion in the upcoming year, a jump from the projected US$3.6 billion this year. 

The core product of OpenAI, ChatGPT, has attracted 250 million users each week since its introduction, contributing to a notable increase in revenue.