[no_wizard]

If you can show me that they can sell without OpenAI approval on the secondary market, I would concede in a heartbeat.

If not, I am to assume this isn’t true, and that they are functionally non liquid possible assets at the discretion of OpenAI to sell

[tonfa]

Yes, you might need approval, but if there's regular secondary sale does it matter?

> OpenAI has finalized a secondary share sale totaling $6.6 billion, allowing current and former employees to sell stock at a record $500 billion valuation, according to a person familiar with the transaction.

https://www.cnbc.com/2025/10/02/openai-share-sale-500-billio...

[no_wizard]

Again, that doesn’t make the assets particularly liquid. They did this and that’s fine, but if they hadn’t done this you’d be stuck with a piece of paper even after the lockup period ends.

Until traditional RSUs that once they are vested you can sell them, with few exceptions

[tonfa]

Indeed, it's not guaranteed. But now it seems to be expected for those large private companies to unlock employee equity at regular intervals (I'm not sure it was the case 5-10y ago).