Microsoft-backed OpenAI valued at 80bn after company completes deal

Microsoft-backed OpenAI has completed a deal that values the artificial intelligence company at 80bn or more, the New York Times reported on Friday, citing multiple people with knowledge of the deal. The company would sell existing shares in a so-called tender offer led by venture firm Thrive Capital, the report said. Employees will be able to cash out their shares of the company rather than a traditional funding round, which would raise money for the business, the report added. OpenAI did not immediately respond to a request for comment. The artificial intelligence firm agreed to a similar deal early last year.