Sam Altman's World Foundation Sells $65M Worth of Tokens at Record Low Prices

The company behind the controversial Worldcoin project has just sold $65 million worth of its digital tokens at rock-bottom prices, raising questions about the project's future.

What happened? World Foundation, led by OpenAI CEO Sam Altman, sold approximately 239 million WLD tokens (the project's cryptocurrency) to four buyers at an average price of just $0.27 per token. This represents a massive 97% drop from the token's peak price of $11.82 in March 2024.

The foundation says it needs this money to fund: • Core operations and activities • Research and development • Manufacturing of "orbs" (special devices that scan people's eyes) • Building their ecosystem

Why does this matter? When companies sell large amounts of their tokens at steep discounts, it often signals financial pressure. The WLD token briefly crashed to an all-time low of $0.24 after the announcement before recovering slightly to $0.27.

What's next? Of the $65 million raised, $25 million worth of tokens are "locked up" (meaning they can't be sold) for six months. The remaining $40 million worth can be sold immediately, which could put more downward pressure on the already struggling token price.

This massive sale at such low prices suggests the World Foundation may be facing significant financial challenges, despite its high-profile backing from Sam Altman.

This is an AI-generated summary. Read the original article at: https://cointelegraph.com/news/sam-altman-world-wld-sale-65m-token-lows?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound