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Microsoft (MSFT.O) owns 49% of the for-profit operating company, according to sources familiar with the matter. Other investors and employees control 49%, with 2% owned by OpenAI's nonprofit parent, according to Semafor. OpenAI's board fired Altman on Friday after a "breakdown of communications," according to an internal memo seen by Reuters. Venture capital investors usually hold board seats or voting power in their portfolio companies but OpenAI is controlled by its nonprofit parent company OpenAI Nonprofit, which according to OpenAI's website was created to benefit "humanity, not OpenAI investors." Nonprofit boards have legal obligations to the organizations they oversee.

Persons: Dado Ruvic, Sam Altman, OpenAI, Altman, Minor Myers, Paul Weitzel, Weitzel, Steve Jobs, Anna Tong, Krystal Hu, Jody Godoy, Tom Hals, Kenneth Li, Lisa Shumaker, Matthew Lewis Organizations: REUTERS, Reuters, Microsoft, Venture, OpenAI Nonprofit, University of Connecticut, Nonprofit, University of Nebraska, Apple, Thomson Locations: OpenAI, San Francisco, New York

OpenAI and Altman did not reply to requests for comment. Kholsa Ventures, an early backer of OpenAI, wants Altman back at OpenAI but "will back him in whatever he does next," the fund's founder Vinod Khosla posted on X on Saturday. Others expressed support for joining Altman in starting a company, a third person familiar with the matter said. Tech website The Verge earlier reported the OpenAI board's discussions with Altman to return as CEO. Forbes reported on Saturday investors were plotting to restore Altman as CEO.

Persons: Sam Altman, Altman, Vinod Khosla, Altman's, Elon Musk, Greg Brockman, OpenAI, Brockman, Szymon Sidor, Sidor, Jony, SoftBank, Masayoshi Son, Brad Lightcap, Forbes, Krystal Hu, Anna Tong, Jeffrey Dastin, Gursimran, Chizu Nomiyama, Kenneth Li, William Mallard Organizations: Microsoft, Kholsa Ventures, Union, U.S, Altman, Reuters . Tech, Thomson Locations: OpenAI, New York, San Francisco, Gursimran Kaur, Bengaluru

[1/3] A keyboard is placed in front of a displayed OpenAI logo in this illustration taken February 21, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNov 3 - ChatGPT maker OpenAI is expected to announce product enhancements that will make its AI models cheaper, with more functionality, in its first-ever developer conference on Monday. Generative AI can, using past data, create brand new content like fully formed text, images and software code. OpenAI is expected to announce updates focused on slashing costs for its developers, as well as new vision capabilities, Reuters previously reported. Cost-cutting addresses a major concern for partners whose spending on OpenAI's powerful models could pile up quickly as they try to build sustainable businesses by developing and selling AI software.

Persons: Dado Ruvic, OpenAI, Sam Altman, Altman, Anna Tong, Krystal Hu, Richard Chang Organizations: REUTERS, Microsoft, Reuters, Thomson Locations: San Francisco, City Hall, Francisco's, Silicon

May 4 (Reuters) - Two prominent former Google (GOOGL.O) researchers who authored the groundbreaking paper that paved the way for the generative AI boom, have raised $8 million for their new startup Essential AI, four sources told Reuters. Thrive Capital had led the round in Essential AI, founded by Ashish Vaswani and Niki Parmar. Thrive Capital, founded by Joshua Kushner, is also an investor in Microsoft-backed OpenAI. Essential AI aims to build software for enterprises to use large language models, the core software of a new artificial intelligence system that has powered generative AI applications such as ChatGPT, sources said. The raise came after Vaswani and Parmar left Adept AI, a company they also co-founded in 2021 with former Google director David Luan.

Friday's dramatic failure of the bank, which focuses on tech startups, was the biggest since the 2008 financial crisis. Even small startups are getting in on the action to help others. Aleem Mawani, founder of Streak, a company with about 30 employees, tweeted Friday he would lend his personal cash free of any terms to other small startups worried about paying staff. Some, including Lowercarbon Capital, have offered loans to portfolio companies that have funds stuck at SVB. Gurson estimated "conservatively" that Altman has given more than $1 million to support other startups in similar need.

At some Silicon Valley Bank branch locations in California, depositors gathered early Friday to attempt to get their cash out, fearing it could be inaccessible in the coming days. It has had financial relationships with a who’s who of Silicon Valley firms over the years, including Snapchat's parent Snap Inc (SNAP.N). A locked door to a Silicon Valley Bank (SVB) location on Sand Hill Road is seen in Menlo Park, California, U.S. March 10, 2023. A Silicon Valley Bank spokeswoman didn't immediately respond to a request for comment sent Friday. As of Friday, FarmboxRx’s funds were still tied up with Silicon Valley Bank.

March 10 (Reuters) - The sudden collapse of Silicon Valley Bank on Friday sent shockwaves through the startup community, which has come to view the lender as a source of reliable capital, particularly for some of tech’s biggest moonshots. It has had financial relationships with a who’s who of Silicon Valley firms over the years, including Snapchat's parent Snap Inc (SNAP.N)Snap declined to comment. A Silicon Valley Bank spokeswoman didn't immediately respond to a request for comment sent Friday. Uncertainty swept through Silicon Valley as startup founders and venture capital firms worried they could, among other things, fail to make payroll. As of Friday, FarmboxRx’s funds were still tied up with Silicon Valley Bank.

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