[ceejayoz]

This is the general rule, but not for ones the size of OpenAI. There’s always a secondary market for prominent enough companies.

[soared]

Dont all private companies require approval for secondary sales, which I assume are not ever approved?

[cik]

They do, but you sell forward contracts instead. This is perfectly legal, and the approach I've seen. There are a few companies, and even funds that will engage in this, in an effort to attain future upside.

[throw-12-16]

Its pretty common, Ive personally done this.

[no_wizard]

Typically. I’d be shocked if OpenAI let employees sell their options like this without requiring approval

[htrp]

They don't but you effectively do it under the table

[raw_anon_1111]

Do they sell at full value?

[matt-attack]

Whatever they sell them for is the value.

[judahmeek]

How do you define value without an IPO?