• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Editor's Pick Sam Altman tells OpenAI staff there’s no plan for him to receive ‘giant equity stake’ in company
Editor's Pick

Sam Altman tells OpenAI staff there’s no plan for him to receive ‘giant equity stake’ in company

by September 30, 2024
by September 30, 2024 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

At an all-hands meeting Thursday, OpenAI CEO Sam Altman denied that there are plans for him to receive a “giant equity stake” in the company, calling that information “just not true,” according to a person who was in attendance.

Altman and finance chief Sarah Friar both said at the meeting, conducted by video, that investors have raised concerns about Altman not having equity in the high-valued artificial intelligence company that he co-founded almost nine years ago, said the person, who asked not to be named because the gathering was only for employees.

Regarding his potentially attaining an equity stake, Altman said, “There are no current plans here,” the person said.

OpenAI Chairman Bret Taylor told CNBC in a statement that while the board has talked about the matter, no specific figures are on the table.

“The board has had discussions about whether it would be beneficial to the company and our mission to have Sam be compensated with equity, but no specific figures have been discussed nor have any decisions been made,” Taylor said.

The meeting late Thursday followed the board’s decision to consider restructuring the company to a for-profit business, according to a separate person with knowledge of the matter. Should the change occur, the nonprofit segment would remain as a separate entity, said the person, who asked not to be named because no plan has been finalized.

While directors consider OpenAI’s future, key executives continue to walk out the door.

On Wednesday, three execs announced their departures. OpenAI Chief Technology Officer Mira Murati, who briefly served as interim CEO, said she would be leaving after 6½ years. Later in the day, research chief Bob McGrew and Barret Zoph, a research vice president, said they were leaving the company.

In an interview Thursday at Italian Tech Week, Altman said, “I think this will be hopefully a great transition for everyone involved and I hope OpenAI will be stronger for it, as we are for all of our transitions.”

Altman said the departures were not related to the company’s potential restructuring, contrary to some media reports.

“Most of the stuff I saw was also just totally wrong,” Altman said at the event in Turin, Italy. “But we have been thinking about that, our board has, for almost a year independently, as we think about what it takes to get to our next stage. But I think this is just about people being ready for new chapters of their lives and a new generation of leadership.”

Murati wrote in a memo to the company that she’s “stepping away because I want to create the time and space to do my own exploration.” She said her focus will be on ensuring a “smooth transition.”

Before Thursday’s moves, OpenAI co-founder Ilya Sutskever and former safety leader Jan Leike announced their departures in May. Co-founder John Schulman said last month that he was leaving to join rival Anthropic.

OpenAI, which is backed by Microsoft, is currently pursuing a funding round that would value the company at more than $150 billion, people familiar with the matter told CNBC. Thrive Capital is leading the round and plans to invest $1 billion, and Tiger Global is planning to join as well.

While OpenAI has been in hypergrowth mode since the launch of ChatGPT in late 2022, it’s been simultaneously riddled with controversy and executive departures, with some current and former employees concerned that the company is growing too quickly to operate safely.

Altman was ousted in November, before being quickly reinstated. Almost all of OpenAI’s employees signed an open letter saying they would leave in response to the board’s action. Days later, Altman was back at the company and Murati moved from interim CEO back to the role of CTO.

This post appeared first on NBC NEWS
You Might Also Like
  • Patriots owner says ‘Jew hatred’ on U.S. college campuses parallels Germany in 1930s and ’40s
  • Boeing starts furloughing tens of thousands of employees amid machinist strike
  • Mortgage rates are now at the highest level of the year, and could still climb
  • Jerome Powell says inflation is still too high and lower economic growth is likely needed to bring it down
Share
0
FacebookTwitterPinterestWhatsapp

previous post
Trademark dispute emerges over Tiger Woods’ new logo
next post
DP Trading Room: Uncovering Stocks from DP Scan Alerts

You may also like

United Airlines expects busiest spring break ever despite travelers’ cost...

March 6, 2024

U.S. judge finds Google holds illegal online ad tech monopolies

April 18, 2025

Thales Reinforces Its eSIM Management Leadership With Google Cloud Certified...

March 1, 2023

Cut from projects, dropped by agents: How the Israel-Hamas war...

December 3, 2023

Six months after ‘zero Covid,’ U.S. firms in China still...

June 11, 2023

Bank of England holds rates, stresses June cut depends on...

May 10, 2024

The Eclipse Foundation Announces The Release of Sparkplug 3.0 and...

December 8, 2022

Sports gambling takes a toll on Americans’ checkbooks, research shows

August 26, 2024

Nextbase Names T-Mobile as Exclusive North American Connectivity Provider for...

January 4, 2023

Auto workers union announces tentative agreement to end strike with...

October 29, 2023

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Nvidia results spark global chip rally

      May 30, 2025
    • Boeing to resume airplane deliveries to China next month, ramp up Max production, CEO says

      May 29, 2025
    • Nuclear Power Trio: OKLO, SMR, and CCJ in Focus

      May 29, 2025
    • Analyzing SIL, USO, and NVDA: Could These Bullish Patterns Trigger?

      May 29, 2025
    • E.l.f. Beauty to acquire Hailey Bieber skin care brand Rhode in up to $1 billion deal

      May 29, 2025

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,763 views
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,470 views
    • 3

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 2,449 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,428 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,306 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,104)
    • Investing (538)
    • Stock (2,578)

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 3

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • Nvidia results spark global chip rally

      May 30, 2025
    • Boeing to resume airplane deliveries to China next month, ramp...

      May 29, 2025
    • Nuclear Power Trio: OKLO, SMR, and CCJ in Focus

      May 29, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,104)
    • Investing (538)
    • Stock (2,578)

    Disclaimer: RoundTableThoughts.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    Thanks to lower inflation, Americans are...

    July 13, 2023

    McDonald’s revenue disappoints, as U.S. sales...

    February 11, 2025

    Ring home security customers will get...

    April 26, 2024
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here