Reddit has created a buzz in the trading world with its new partnership with Artificial Intelligence company OpenAI. Under the agreement, OpenAI will access it’s data API, which provides real-time, structured, and unique content from its site. It will also incorporate new AI features for users and mods, including an advertising deal between them.
“We are thrilled to partner with Reddit to enhance ChatGPT with uniquely timely and relevant information, and to explore the possibilities to enrich the Reddit experience with AI-powered features,” said Brad Lightcap, Chief Operating Officer at OpenAI. It was under his leadership that the deal was signed and approved by OpenAI’s independent board of directors.
Endorsing the signed deal, Steve Huffman Reddit co-founder and CEO, also said, “(Our company) has become one of the internet’s largest open archives of authentic, relevant, and always up to date human conversations about anything and everything. Including it in ChatGPT upholds our belief in a connected internet, helps people find more or what they’re looking for, and helps new audiences find community on Reddit.”
Furthermore, earlier this year, the social media platform had signed a $60 million deal with Google to share its content for training Google’s generative Artificial Intelligence based language models.
Sam Altman and Reddit
Sam Altman, chief executive officer at OpenAI, has a long history with Reddit — he was one of the company’s largest shareholders at the time of its IPO release earlier this year, and briefly served as its interim CEO in 2014. He has invested nearly $60 million in the social media platform shares along with exercising 9.2% control over board votings.
When it went public this year, his net worth at the company inflated by $200 million to nearly $613 million.
Shares Price
Soon after the deal was made public, on Thursday, RDDT Inc. Shares boosted by 13.5% to $64.12 premarket and 11.5% to $62.31 in intraday trade.
As of May 17 at UTC+5:30 pm, Reddit shares are priced at $56.45, plunging nearly 9.5% from yesterday’s price.
