OpenAI states that all of its shares are subject to sale restrictions. No shares can be transferred, directly or indirectly, without the company's written consent. Any sale made without that approval is not only unauthorized but legally invalid.

The company also clarified that it is aware of entities marketing investment exposure to OpenAI through direct share sales, or through special purpose vehicles (SPVs), or tokenized interests linked to OpenAI shares, or futures contracts. However, it confirmed that none of these arrangements are approved or recognized by OpenAI.

Now, the two largest private AI companies in the world are sending the same message to the secondary market: if we don’t approve the deal, you own nothing. The billions of dollars traded on secondary platforms for exposure to these companies could be worthless if the companies decide to fully enforce these restrictions...
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