As stories of value destruction go, OpenAI’s is among the greats. The generative artificial intelligence company was on the cusp of selling shares at an $86bn valuation. One internal coup later and its chances of reaching such heights have nosedived.
Examples of companies wrecking their own multibillion-dollar values are relatively rare. WeWork scorched its $47bn valuation with a fanciful listing document that laid bare the extent of corporate overspend. Jack Ma’s speech criticising Chinese regulators led to the suspension of a planned listing for Ant, the fintech he founded that was due to raise more than $30bn. The difference in OpenAI’s case is that the action came from a group with no financial interest in the company.
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