New Delhi: OpenAI is now the most valuable private company in the world, surpassing SpaceX after raising over 6.6 billion in secondary stock offerings among current and former employees. The transaction reported by Bloomberg values the company at $500 billion, making it the most valuable privately controlled company. Investors were, among others, SoftBank, Thrive Capital, Dragoneer, MGX and T. Rowe Price.

The sale of the stocks did not represent a typical round of funding because the money was sold to individuals but not to OpenAI itself. Nonetheless, the relocation boosts retention of workers, as it occurs amidst intense competition over who has the best AI personnel, especially since Meta has taken several engineers away due to improving signing bonuses worth millions of dollars.

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