- OpenAI is one of the most valuable startups in the world, worth around $157 billion.
- Its CEO, however, was paid a relatively modest five figures at OpenAI in 2023, filings show.
- Altman’s net worth is estimated to be at least $2 billion.
OpenAI CEO Sam Altman was paid $76,001 in compensation in 2023 to lead what’s now one of the most valuable startups in the world, the company’s tax filings for the year showed.
That represents about a 3.4% increase in pay from 2022, when Altman received $73,546, documents showed.
For context, the median household income in San Francisco County, where Altman owns a $27 million mansion, is $126,730, according to the US Census Bureau. The national average wage index in 2023 was about $66,621, according to the Social Security Administration.
Altman has previously shared that he receives a modest compensation for his work at OpenAI. During a hearing before a senate judiciary subcommittee in May 2023, Altman said he gets “paid enough for health insurance” and that he receives no equity in OpenAI.
The pay he received last year or in 2022 however far from reflects the full scope of Altman’s wealth. Bloomberg estimated in March 2024 that the CEO is worth at least $2 billion, not including any stake he may have in OpenAI. The estimate figure factors in $1.2 billion worth of investment in various venture capital funds, among other investments, according to Bloomberg.
An OpenAI spokesperson did not comment beyond sending Business Insider the nonprofit’s tax filing from last year.
The tax filings indicate that Ilya Sutskever, the OpenAI cofounder, and Chris Clark, who is listed as the company’s secretary/treasurer were the highest paid officers at the organization, receiving $347,354 and $322,201, respectively.
Sutskever and Clark left OpenAI in May, several months after Altman’s chaotic but brief ousting in November 2023.
The filing, which was first reported on by Bloomberg, also doesn’t provide a full and most current view of the company’s financial outlook.
Earlier this year, the company raised a historic $6.6 billion in capital, pushing OpenAI’s valuation to $157 billion.
In the backdrop of the funding round, which was led by Thrive Capital, were discussions about Altman potentially receiving a 7% equity stake in OpenAI should the company go through with plans for a more traditional for-profit structure.
Bloomberg reported in September that the stake could raise Altman’s wealth by more than $10 billion.
Altman denied during an all-hands meeting with employees that there were plans for him to receive a “giant euqity stake,” CNBC reported.
