8 Stocks Wall Street Analysts Love Most

When in doubt over picking which stocks to own it's wise to look at what the experts are saying. Here are the 8 stocks with the highest percentage of buy ratings among analysts on Wall Street today.

By clicking the link above you will automatically opt-in to receive emails from ActivaTrade

Does Sam Altman Own Half A Billion Dollars Worth Of Reddit Stock? Not Quite, Reveals Fine Print Of IPO Filing

Ananya Gairola
February 29, 2024

Over the past few days, several media publications have reported about ChatGPT-parent, OpenAI CEO Sam Altman’s Reddit stock ownership. However, contrary to the widely reported $435 million, Altman’s actual stake is significantly lower.

What Happened: Reddit’s recent IPO filing disclosed that entities linked to the OpenAI CEO possess 8.7% of the company's outstanding shares, including 789,456 Class A shares and 11.4 million Class B shares. However, the association of the shares with Altman does not imply ownership by him, reported Business Insider.

According to the document, “Altman disclaims beneficial ownership of these shares except to the extent of his respective pecuniary interest therein.”

See Also: SEC Investigating Whether OpenAI CEO Sam Altman Misled Investors, Internal Communications Under Scrutiny: Report

“This is a legal distinction indicating that while he has control over the voting and dispositive control over these shares, he does not necessarily have a direct economic interest in them, except to the extent that he may benefit financially,” said Chris Harvey, a venture capital fund attorney at Harvey Esquire APC.

The footnote in the document suggests that the shares are divided among five different entities: Apollo Projects SPV-B, Altman Holdco, Apollo Projects, Apollo Projects SPV-A, and Hydrazine Capital II

Other than Altman Holdco, which is an LLC, all the other organizations need to submit disclosure forms called Form ADVs. As per these forms, Altman doesn’t own most of the shares in these organizations.

Instead, he’s labeled as a “related person,” basically someone who gives investment advice. The OpenAI CEO might own up to 5% of the shares in Hydrazine and up to 15% of the shares in Apollo. The rest of the shares probably belong to other investors, but their identities aren't known. 

This means Altman doesn’t actually own as many shares as people thought he did. For instance, Hydrazine Capital II seems to own nearly 9.9 million shares of Reddit. But Altman probably owns only up to 5% of Hydrazine Capital II’s shares, which is about 492,720 shares of Reddit.

Based on that logic, the report estimated Altman’s Reddit stock outside of Altman Holdco to be worth around $25 million, based on a $5 billion target IPO valuation. If he is the sole owner of Altman Holdco’s 965,128 shares, that would add another $34.5 million. 

This brings his total Reddit equity to approximately $60 million, a far cry from the reported $435 million.

Check out more of Benzinga's Consumer Tech coverage by following this link.

Read Next: Sam Altman Brushes Off $7 Trillion AI Chip Project Speculation: ‘Don’t Pay Too Much Attention To That’

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

Image made via photos on Shutterstock

Continue Reading...

Popular

Warren Buffett Is Known For His Simple Lifestyle But Here Are 8 Lavish Things We Know He Owns

Warren Buffett, the billionaire, embraces a modest lifestyle and prefers stashing his cash in the bank. Despite standing among the world's wealthiest, the priciest items he owns could surprise everyone.

The EU plans to fast-track some financial aid to Egypt. The usual funding safeguards will not apply

BRUSSELS (AP) — The European Union intends to fast-track some of its aid money to Egypt using an urgent funding procedure that bypasses parliamentary oversight and other safeguards, according to the president of the bloc’s executive branch.

2024 Stock Alert: Is This an AI Melt Up? - Ad

The AI "gold rush" is here. What comes next in 2024 could have consequences on your wealth and retirement for the next decade or more. Which is why you need to prepare for a reckoning in popular tech companies...and instead move your money into these under-the-radar AI stocks.

Group 1 Makes Power Move in UK Market with Inchcape Auto Dealerships Buy Out

Group 1 Automotive to acquire Inchcape's U.K. dealerships for $439M in all-cash deal. Deal expected to close in Q3 2024.

This Defi Coin Could 10X Soon... - Ad

Do NOT miss this opportunity for life-changing gains this year. Experts are predicting this coin has potential for unprecedented growth. Even a small position could deliver 10x returns or greater very soon. Timing is everything.

Gold: Now Legal Tender - Ad

Most Americans missed this big story, but 1 in 5 states have now made gold and silver coins legal tender. It's just one reason why so many predict gold will soon hit $5,000. And why you need to check out this $5 strategy for gold immediately.

Cathie Wood's Ark Invest Sells $20M+ Coinbase Shares As Bitcoin Trades Over $70K, Buys Palantir, Sells Nvidia Stock

On Thursday, Cathie Wood’s Ark Invest made significant trades involving Coinbase Global, Inc. (NASDAQ:COIN), Palantir Technologies Inc. (NYSE:PLTR), and Nvidia Corp.

Jessica Alba steps down as chief creative officer at Honest, the personal care company she founded

Jessica Alba, who shot to fame in the James Cameron television series “Dark Angel,” as well as films such as “Sin City” and the “Fantastic Four,” will step down as chief creative officer at Honest Company, a personal care company that she founded.

The No. 1 AI Stock of 2024 (Not Nvidia) - Ad

It's not Nvidia, Meta Platforms, Alphabet, or Amazon. But thanks to a recent major deal, an under-the-radar stock could become the No. 1 winner of the AI boom. "This company just teamed up with one of the biggest power players in the AI industry... yet you can still buy it for just one-twelfth the price of Nvidia -- the time to buy is NOW," says Marc Chaikin.

Nvidia Set For Another Bull Run? Analyst Pitches $1,150 Target, Says 'This Time It's Bringing More Friends Along For The Run'

Despite a recent dip, chart analyst Todd Gordon of Inside Edge Capital has identified Nvidia Corporation as a strong buy, setting an ambitious target price of $1,150, citing the company's potential for an upward trend alongside a broader rally in the semiconductor industry.

British military warns of possible vessel being boarded near Strait of Hormuz

DUBAI, United Arab Emirates (AP) — The British military warned Saturday that a vessel may have been boarded by an unknown party near the crucial Strait of Hormuz.

The Sleeper Crypto of 2024? - Ad

One little-known coin is quietly gearing up for a potential breakout. Our analysts believe it could be the surprise crypto hit of 2024. Discover the name of this under-the-radar gem and our full analysis for just $3.

Initial public offerings scheduled to debut next week

NEW YORK (AP) — The following is a list of initial public offerings planned for the coming week. Sources include IPO ETF manager Renaissance Capital, and SEC filings.

US airlines ask the Biden administration not to approve additional flights between the US and China

WASHINGTON (AP) — Large U.S. airlines and some of their unions are asking the Biden administration to stop approving any more flights between the United States and China because of what they call “anti-competitive” policies that China imposes on U.S. carriers.

A.I. Pioneer Issues Urgent Warning to Americans - Ad

According to one early A.I. pioneer: "You can either use this as an unfair advantage to grow your wealth, or you can let it ravage your retirement savings. There's no middle option."

Insiders Buying Zumiez And 3 Other Stocks

Although U.S. stocks closed little changed on Monday, there were a few notable insider trades.

Elon Musk Gets Fresh Challenge In His X Plans As Naval's Airchat App Begins Making Buzz

AngelList co-founder Naval Ravikant has launched a new social media app called Airchat, to take on Elon Musk's hate speech-inundated X.

A.I. Pioneer Warns: "I thought we had more time..." - Ad

A radical new A.I. development is about to blindside millions of Americans. This early A.I. pioneer just issued an urgent warning explaining everything.

14.8 Trillion Shiba Inu Tokens Liquidated In Just 24 Hours Amid Market Downturn

Amid a bearish downturn affecting the crypto market on Friday, Shiba Inu (CRYPTO: SHIB) has experienced a significant liquidation event, with $3.63 million worth of SHIB, or approximately 14.8 trillion tokens,

Instagram begins blurring nudity in messages to protect teens and fight sexual extortion

LONDON (AP) — Instagram said it's deploying new new tools to protect young people and combat sexual extortion, including a feature that will automatically blur nudity in direct messages.

On Location at My No. 1 A.I. Stock Pick - Ad

In this video, I go on location to share the name, ticker symbol, and story behind my #1 A.I. stock pick. I can almost guarantee you've never heard of this company -- but soon you, your friends, and your family will likely all be using it.

Proxy Fight Concludes, Yet Macy's Future Remains In The Balance: Report

Proxy fight settled, but Macy's future uncertain amid ongoing strategic talks and acquisition bids.

10X Gains on the Horizon? - Ad

Our top pick for the next crypto boom is flying under most investors' radars. We believe this coin has the potential to deliver 10X returns or more. Get the name of the coin and our complete investment guide for just $3.

Elon Musk's AI Startup xAI Reportedly Seeks $4B To Challenge ChatGPT-Parent OpenAI — Valuation Could Hit $18B

Elon Musk's AI startup, xAI Corp., is in discussions to raise up to $4 billion in funding, potentially valuing the company at $18 billion, leveraging Musk's track record and high-quality data from his social network, X, to train AI models.

What's Going On With Charles Schwab Shares After Launching Forex Trading?

Charles Schwab introduces futures and forex trading on its thinkorswim platform suite, part of Schwab Trading Powered by Ameritrade.

EXPOSED: How the Rich Are Using A.I. To Get An Unfair Advantage - Ad

The wealthy elite have always used cutting-edge technology to get an unfair advantage... A.I. will be no different. Right now, A.I. is creating a huge wealth-building advantage for folks who know how to use it.

In Blow To Trump, Court Agrees To Keep Witnesses Anonymous In Mar-a-Lago Documents Mishandling Case

In a recent development in the case against former U.S. President Donald Trump over alleged mishandling of classified documents, the court has ruled that the witnesses involved can remain anonymous.

New York Hospital Sues AG Letitia James, Who Took On Trump, Over Alleged 'Fishing Expedition' Of Drug Testing Records

Garnet Health Medical Center is suing New York Attorney General Letitia James to dismiss a subpoena demanding medical records of obstetrics patients, arguing the investigation into secret drug testing of pregnant patients is excessively broad and politically motivated.

The No. 1 Crypto for 2024 - Ad

We're entering the final crypto bull run, and 2024 will be your last chance to ever get rich from crypto. These five tiny cryptos are believed to create generational wealth over the next 12 months. $30 trillion is poised to funnel into the crypto markets thanks to a new government regulation just signed.

A healthy US economy's secret ingredient: Immigrant workers, eager to fill jobs

MIAMI (AP) — Having fled economic and political chaos in Venezuela, Luisana Silva now loads carpets for a South Carolina rug company. She earns enough to pay rent, buy groceries, gas up her car — and send money home to her parents.

Divisive? Not for moviegoers. ‘Civil War’ declares victory at box office.

Alex Garland’s provocative “ ” didn’t only . The film also inspired audiences to go to the cinemas this weekend where it surpassed expectations and earned $25.7 million in ticket sales in North America, according to studio estimates Sunday.

"Gold's Final Bull Market Has Just Begun..." - Ad

The last time an event this seismic played out, gold surged 2,382%... yet most Americans had no clue it was even happening. Today, a Stansberry Senior Partner and former Goldman Sachs VP is pulling back the curtain on this strange story playing out in the upper echelons of world finance. And even if you've never owned an ounce of gold, this could impact everything from your investments to your mortgage.

Piedmont Advances NAL Operations; Royal Gold Subsidiary Sells 49,500 GEOs; Hecla Mining Reports Q1 Production And More: Tuesday's Top Mining Stories

Top stories for April 9, 2024: Piedmont Lithium and JV partner Sayona Mining aim for steady state production by 2024. Royal Gold sells 49,500 GEO in Q1. Hecla Mining sees increases in silver, gold, lead, and zinc production. Coeur Mining begins commercial production at expanded Rochester mine.

China's exports tumble 7.5% in March and imports also fall as demand slows

HONG KONG (AP) — China’s exports contracted in March after growing in the first two months of the year, underscoring the uneven nature of the country's recovery from the pandemic.

Super-Billionaire Goes All-in on $3 A.I. Stock - Ad

I've been pounding the table on this $3 A.I. stock for weeks now. I believe we'll soon talk about this little-known stock in the same way we talk about Amazon, Tesla, and Nvidia now. This is without a doubt my #1 recommendation to buy today.

Google's Gemini 1.5 Pro AI Could Change How You Play Games And File Insurance Claims

Google Cloud unveils Gemini 1.5 Pro, a more advanced AI model, with enhanced performance and long-context understanding at Cloud Next event.

Trending Now

Information, charts or examples are for illustration and educational purposes only and not for individualized investment management This message contains commercial elements, such as advertising. We only send these offers to those who have opted in to our newsletter. Past performance is not indicative of future results. For these reasons we strongly suggest trading in a DEMO/Simulated account. The information provided by us is for educational and informational purposes only. We make no representations or warranties concerning the products, practices or procedures of any company or entity mentioned or recommended and have not determined if the statements and opinions of the advertiser are accurate, correct or truthful. If you use, act upon or make decisions in reliance on information contained or any external source linked within it, you do so at your own peril and agree to hold us, our officers, directors, shareholders, affiliates and agents without fault.

Copyright trendadvisor.net
Privacy Policy | Terms of Service