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OpenAI’s $86 billion share sale in jeopardy after Altman firing, The Information reports

Published

6 months ago

November 18, 2023

OpenAI’s $86 billion share sale in jeopardy after Altman firing, The Information reports

OpenAI logo is seen in this illustration taken, February 3, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing Rights

Nov 18 (Reuters) – A planned sale of OpenAI employee shares that would value the startup at about $86 billion on paper hangs in the balance after the sudden firing of CEO Sam Altman and a slew of top executive departures, the Information reported on Saturday.

The tender offer, which Thrive Capital is leading, has not yet closed but has been in its final stages and was expected to be completed as soon as next month, the report added, citing a person familiar with the matter.

OpenAI and Thrive Capital did not immediately respond to Reuters’ requests for comment.

The news comes after the board of the company behind ChatGPT fired Altman on Friday.

Greg Brockman, OpenAI president and co-founder, who stepped down from the board as chairman as part of the management shuffle, quit the company.

The departures blindsided many employees who discovered the abrupt management change from an internal message and the company’s public facing blog.

Backed by billions of dollars from Microsoft (MSFT.O), which does not have a board seat in the non-profit governing the startup, OpenAI kicked off the generative AI craze last November by releasing ChatGPT.

Reporting by Gursimran Kaur in Bengaluru; Editing by Daniel Wallis

Our Standards: The Thomson Reuters Trust Principles.

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World

European elections: What do voters want? What have candidates pledged?

Published

26 mins ago

May 3, 2024

Press Room

European elections: What do voters want? What have candidates pledged?

Watch episode one of Euronews’ guide on the European elections, taking place from June 6 to 9.

Ahead of European elections in June, Euronews asked voters to name one proposal they would do if elected to the European Parliament and questioned candidates on their pledges.

Watch the video above to find out more.

World

CBS Fall Schedule: Tracker on Move, Georgie & Mandy Claim Sheldon’s Spot, Matlock Replaces Todd

Published

6 hours ago

May 2, 2024

Press Room

CBS Fall Schedule: Tracker on Move, Georgie & Mandy Claim Sheldon’s Spot, Matlock Replaces Todd

CBS Fall Schedule 2024: Tracker, Young Sheldon Spinoff, NCIS: Origins

World

Head of Greek far-right Golden Dawn party is granted early release from prison

Published

7 hours ago

May 2, 2024

Press Room

Head of Greek far-right Golden Dawn party is granted early release from prison

The head of Greece’s extreme far-right Golden Dawn party was granted conditional early release from prison Thursday, after serving part of his sentence for running a criminal organization blamed for violent hate crimes.

A council of judges accepted the request by Nikolaos Michaloliakos, 66, who had served the minimal legal requirement for early release. The decision also took into consideration that he was aged over 65, which increases the time he is formally considered to have served. He is in poor health and spent 18 months in pre-trial detention.

GREECE’S FAR-RIGHT GOLDEN DAWN, COUNTER-DEMONSTRATORS, CLASH IN ATHENS

Restrictions imposed on him include a ban on traveling outside the greater Athens region.

Nikos Michaloliakos, the leader of the extreme far-right Golden Dawn political party speaks during a pre-election rally, in Athens, Wednesday, Sept. 16, 2015. The head of Greece’s extreme far-right Golden Dawn party was granted conditional early release Thursday, May 2, 2024, from prison, after serving part of his sentence for running a criminal organization blamed for numerous violent hate crimes. A council of judges accepted the request by Michaloliakos, 66, who had served the minimal legal requirement for conditional release, which also took into consideration his age. (AP Photo/Lefteris Pitarakis)

Michaloliakos and five other former Golden Dawn lawmakers were convicted in October 2020 of running a criminal organization and sentenced to 13 years in prison. Other party members received lesser sentences, following a five-year trial.

Golden Dawn was founded as a Nazi-inspired group in the 1980s and rose to become Greece’s third-largest political party during most of the country’s 2010-2018 financial crisis. Its support later declined, and the party failed to enter parliament post-crisis.

The crackdown on the party followed the 2013 fatal stabbing of a left-wing musician in Athens, for which a Golden Dawn associate was given a life sentence.

Greek political parties and the family of the slain musician expressed dismay at Thursday’s decision.