In a surprising decision, OpenAI announced that its co-founder Sam Altman has been reappointed as Chief Executive Officer, just days after his removal from the company’s board sparked outrage among employees and key stakeholders. The decision, announced in a post Wednesday morning, comes with the formation of a new initial board of directors that includes Bret Taylor as President, Larry Summers and Adam D’Angelo. Meanwhile, there was movement in the price of Worldcoin, the altcoin founded by Altman. Here are the details…
Sam Altman became OpenAI CEO again
As we reported as Kriptokoin.com, Altman’s resignation last weekend was attributed to his lack of consistent sincerity in his communication with the board of directors. While a leaked memo wasn’t clear on the reasons behind the decision, it clarified that it was not related to financial, business, security or security/privacy practices. Earlier this week, there was news that Altman would join Microsoft, one of OpenAI’s major investors, along with co-founder Greg Brockman and other former employees.
We have reached an agreement in principle for Sam Altman to return to OpenAI as CEO with a new initial board of Bret Taylor (Chair), Larry Summers, and Adam D'Angelo.
We are collaborating to figure out the details. Thank you so much for your patience through this.
— OpenAI (@OpenAI) November 22, 2023
OpenAI’s major investors, led by Microsoft CEO Satya Nadella, are reportedly pushing for Altman’s reinstatement and replacement of the current board. Altman’s departure, after intense negotiations, sparked criticism from hundreds of OpenAI employees, some of whom threatened to leave the company unless the board formally resigned.
OpenAI reversed its decision
Just two days after Microsoft CEO Satya Nadella hired Altman to lead a new advanced AI research team, OpenAI reversed its decision. While the announcement made on November 22 confirmed Altman’s return as CEO, the details of the collaboration continue to be worked out. Expressing his “love” for OpenAI, Altman stepped down from his new role at Microsoft and emphasized his commitment to maintaining his strong partnership with the tech giant.
Nadella supported Altman and President Greg Brockman’s decision to return to OpenAI, citing his importance in ensuring the company continues to evolve and fulfill its mission. Altman’s brief departure highlighted his role in unifying the team. 505 of 700 employees signed a letter criticizing the board for undermining the company’s mission by firing Altman.
Altcoin price increased
Following Altman’s announcement, Worldcoin, the altcoin founded by Altman, showed activity. Notably, the altcoin has experienced a 6% increase in the last 24 hours. However, the altcoin retreated to its previous value of $2.40, showing a rapid market reaction to the developments in OpenAI. Altman’s reinstatement is likely to have both immediate and lasting effects on the company and the broader cryptocurrency ecosystem.
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