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☆ Why a Viking Global portfolio manager is worried about a multi-strat meltdown, plus his favorite European luxury stock
▼ + stars: | 2024-04-19 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewCompared to some of its Tiger Cub peers, $48 billion Viking Global's highs and lows have been more muted. This story is available exclusively to Business Insider subscribers. "If the stock went up 25% tomorrow, we would probably sell it absent any other fundamental change in the business." AdvertisementThe firm's flagship long-short fund was up 5.8% in the first quarter, a person close to the firm told Business Insider, and its long-only fund returned 10.1%.

Persons: —, Justin Walsh, Walsh, Hermes Organizations: Service, Tiger Cub, Tiger, Business, Harvard Business School Investment, Citadel, Business Insider, Cartier Locations: Stamford, Swiss

☆ Health VC firm SpringTide Ventures just closed its second $65 million fund. Here's what a startup needs to get its backing.
▼ + stars: | 2024-04-17 | by ( Rebecca Torrence | ) www.businessinsider.com time to read: +5 min

Read previewAustin Walters started SpringTide Ventures in 2018 to disrupt healthcare by democratizing access to health innovations. The firm just closed its second $65 million fund to make more of those bets. A tough fundraising environmentAfter closing on its first $20 million fund, which the firm began investing out of in 2019, SpringTide originally set a $100 million target in 2021 for its second fund, Walters said. SpringTide picks a different focus area each time — most recently, home health, where the firm has invested in companies like family primary care startup Nest Health. By solving significant problems with advanced technologies, these companies have natural competitive advantages that allow them to drive outsize returns for the firm, Walters said.

Persons: —, Austin Walters, Walters, Henry Ford, We're, SpringTide, Justin Hackworth Photgraphy SpringTide, OpenLoop, outsize, SpringTidew hasn't, " Walters Organizations: Service, SpringTide Ventures, Tiger Global, Sonic Healthcare, Business, Health, Ally Bank, Troomi Wireless Locations: Boston, San Francisco, Salt Lake City, New York

☆ In Silicon Valley, Venture Capital Meets a Generational Shift
▼ + stars: | 2024-03-13 | by ( Erin Griffith | ) www.nytimes.com time to read: +1 min

Reid Hoffman, a founder of LinkedIn and a longtime venture capitalist, is no longer the public face of the venture firm Greylock. Michael Moritz, a force at Sequoia Capital for 38 years, officially separated from the investment firm last summer. They are among the most recognizable of a generation of Silicon Valley investors who are getting out of venture capital at the end of a lucrative 15-year upswing for the industry. Investors at Tiger Global, Paradigm, Lightspeed Venture Partners, Emergence Capital and Spark Capital have all announced plans to step back. Foundry Group, a venture firm in Boulder, Colo., that has backed 200 companies since 2006, said in January that it would not raise another fund.

Persons: Reid Hoffman, Michael Moritz, Jeff Jordan, Andreessen Horowitz Organizations: LinkedIn, Sequoia Capital, Tiger Global, Lightspeed Venture Partners, Spark, Foundry Group, Apple, Google Locations: Silicon, Boulder, Colo, —

☆ From the lavish gifts to the flagrant waste: Here's what it's like to work for a billionaire hedge fund founder
▼ + stars: | 2024-03-08 | by ( Tiara White | ) www.businessinsider.com time to read: +2 min

Sun doesn't name the hedge fund billionaire in the book, referring to him as Boone Prescott, founder of the "rock star" hedge fund Carbon. After he graduated from Williams College he went to work for hedge fund legend Julian Robertson, who gave him $25 million to start Tiger Global. The hedge fund soared to new heights during the era of low-interest rates with big bets on tech stocks. Rising interest rates hit the hedge fund hard in 2022, however, leading to a 50%-plus performance decline that year. From the lavish lifestyle to the famous guests speakers, here are the 12 moments that best depict life working for a billionaire hedge fund founder.

Persons: Carrie Sun's, Boone Prescott, Sun, Chase Coleman, Coleman, Julian Robertson Organizations: Business, New York Times, Tiger Global, Forbes, Williams College

☆ Hedge funds took profits in these popular technology stocks during the fourth quarter
▼ + stars: | 2024-02-19 | by ( Samantha Subin | ) www.cnbc.com time to read: +6 min

Hedge funds appeared to take profits in a host of winning " Magnificent Seven " stocks during the fourth quarter at the end of a blowout year for the septet. Still, Nvidia shares rallied 14% in the fourth quarter, extending a 3% gain in the September quarter. Nor was Nvidia the only semiconductor maker that hedge funds cut back on in the fourth quarter. Reducing exposure to the rest of Magnificent Seven Hedge funds also took profits in a handful of other popular Magnificent Seven stocks that helped power 2023's AI-fueled market rally. Beyond the most prominent companies, hedge funds also made key reductions in other popular technology and semiconductor bets last quarter.

Persons: Dan Sundheim zeroed, Stanley Druckenmiller, David Tepper's, Phillippe Laffont's Coatue, Global's Chase Coleman, Jensen Huang, chipmaker, Tepper, Ole Andreas Halvorsen, Druckenmiller, Baupost Group's Seth Klarman, Coatue's Laffont, Point's Dan Loeb, Berkshire Hathaway, Value's Jeffrey Smith, Marc Benioff, Appaloosa's Tepper, Michael Burry, Druckenmiller amped, Point's Loeb, Coatue, Laffont, Tiger Global's Coleman, —, Alex Harring, Yun Li Organizations: Appaloosa Management, D1, Technology, Wall, Nvidia, Management, Devices, Intel, Qualcomm, Taiwan Semiconductor, Viking, Arm Holdings, VanEck Semiconductor, Google, Microsoft, Duquesne, Viking Global, Corvex Management, Sundheim's D1 Capital, Baidu, Arista Networks, Scion, Oracle, Amazon, Tiger Global, Apple, Taiwan, Broadcom Locations: TSM, Meta, Berkshire, Salesforce, Chinese, China

☆ Crypto venture funding climbs for first time in nearly 2 years after bitcoin's stellar run
▼ + stars: | 2024-02-15 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

Now, venture investors are returning. Venture funding for crypto-related companies in the fourth quarter of 2023 totaled $1.9 billion, a 2.5% increase from the prior quarter, PitchBook said Thursday. It marks the first time that venture VC investments in crypto startups have risen since the March quarter of 2022. Problems for crypto ventures were compounded that year by major collapses of crypto companies like Do Kwon's controversial algorithmic stablecoin Terra and Sam Bankman-Fried's FTX. Le said that crypto venture funding has bottomed with a rise in crypto asset prices and public market valuations of crypto-related companies such as Coinbase , Marathon Digital , and MicroStrategy .

Persons: Crypto, PitchBook, It's, Sam Bankman, FTX, Andreessen Horowitz, Le, bitcoin Organizations: Venture, Sequoia Capital, Tiger Global, CNBC, Marathon Locations: FTX

☆ HiBob, a $2.7-billion HR unicorn, is acquiring Tiger Global-backed payroll startup Pento
▼ + stars: | 2024-02-13 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +2 min

Read previewHiBob, a London headquartered HR unicorn, is acquiring UK payroll startup Pento. The company is valued at $2.7 billion, has raised $574 million in funding, and is acquiring Pento to expand its payroll offering. The acquisition came about after seeing the fragmented payroll market in the UK with HiBob opting to go one step further than integration, CEO Ronni Zehavi told Business Insider. AdvertisementLondon-based Pento has raised $54 million in VC funding, including from General Catalyst and Tiger Global. Around 35 Pento staff will join HiBob as part of the deal, which is subject to closing conditions.

Persons: —, Ronni Zehavi, Zehavi, HiBob Organizations: Service, Business, General, Bessemer Venture Partners, General Catalyst, Tiger Global, Dealroom, HiBob Locations: London, Israel

☆ Growing quant giant Qube just added a fundraiser focused on Asian investors
▼ + stars: | 2024-02-12 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +2 min

This story is available exclusively to Business Insider subscribers. Sources familiar with the firm's plans told Business Insider that it hopes Hirazumi will help bring in assets to the firm’s China strategy. The manager has four Asian offices listed on its website, including one in mainland China in Shanghai, plus others in Hong Kong, Singapore, and Mumbai. It helps that performance has been stellar: The manager is already up roughly 10% through January this year, Business Insider previously reported . Another Millennium spin-out, Kurt Baker’s 30th Century Partners, is planning to start trading this year with $3 billion out of Hong Kong, according to a Bloomberg report.

Persons: Noriaki Hirazumi, Qube, Hirazumi, Ray Dalio, Blackstone, Jonathan Xiong, Kurt Baker’s Organizations: Research, Technologies, General Investment, London, Winton Group, Business, Credit Suisse, Public, Tiger, Investment Partners, Century Partners, Bloomberg Locations: Asia, London, Japan, China, Shanghai, Hong Kong, Singapore, Mumbai, Qube, Bridgewater

☆ Glen Kacher's Light Street begins 2024 with a big January. Here's how peers like Tiger Global, D1, and Whale Rock did.
▼ + stars: | 2024-02-12 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +1 min

Light Street returned 12.4% in January, easily besting the market and its tech-investing peers. Fellow Tiger Cubs like Tiger Global, D1, and Lone Pine were also positive for the month. AdvertisementLight Street Capital followed up a big 2023 — when the tech investor returned 46% — with a 12.4% gain in January, several sources told Business Insider. The San Francisco-based manager, run by Glen Kacher, is one of several Tiger Cubs to start the year above the market. This story is available exclusively to Business Insider subscribers.

Persons: —, Glen Kacher, Chase, Alex Sacerdote's Organizations: Fellow Tiger Cubs, Tiger, Nvidia, Meta, Service, Capital, Business, Tiger Cubs Locations: Lone Pine, San Francisco

☆ One of Goldman Sachs' top executives running investment banking and global markets is set to step down: Read the full memo
▼ + stars: | 2024-01-29 | by ( Reed Alexander | ) www.businessinsider.com time to read: +8 min

Jim Esposito, one of three co-heads of Goldman Sachs's powerful global banking and markets division, is set to step down. His previous roles include co-head of the global financing group, co-head of global markets, and global co-head of investment banking. Most recently, Jim played an important role in bringing together our Global Markets and Investment Banking franchises to form the Global Banking & Markets business. Jim's passion for our distinctive culture has also been reflected in his commitment to recruiting, developing and mentoring talented individuals around the world, including the next generation of leaders across Global Banking & Markets. Prior to assuming his current role, Jim was global co-head of the Global Markets Division and before that global co-head of the Investment Banking Division.

Persons: Jim Esposito, Goldman, Esposito, He's, David Solomon, Solomon, John Waldron, Waldron, Julian Salisbury, —, Salisbury's, Eric Lane, Gregg Lemkau, Goldman Sachs, Jim, Jenn, David Organizations: Business, Goldman, Wall Street, Business Insider, Bloomberg, Tiger Global, IB, Global Banking, Markets, Management, Investment Banking, Global Markets, Global Markets Division, Global, Group, Trustees, Corporation, Brown University, Advisors, Tuck School of Business, Dartmouth College

☆ Tiger Global-backed Productboard conducts third round of layoffs in two years, sources say
▼ + stars: | 2024-01-26 | by ( Tasmin Lockwood | Riddhi Kanetkar | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. This story is available exclusively to Business Insider subscribers. Now, Productboard has begun another round of layoffs, the scale of which is unknown as yet, the former staffers said. Startups and Big Tech companies alike have slashed their wage bills as the high-interest rate environment encourages businesses to prioritize sustainability over growth. AdvertisementIn January alone, 76 tech companies have laid off 21,370 employees, according to tracker site Layoffs.fyi.

Persons: —, Productboard, Daniel Hejl, Hubert Palan, Kleiner Perkins, Palan, Productboard's headcount Organizations: Service, Business, Tiger Global, Dragoneer, Microsoft, Volkswagen, Sequoia, Bessemer Venture Partners, Index Ventures, Big Tech, Bloomberg, LinkedIn Locations: San Francisco, Czech Republic, Silicon Valley, Sequoia Capital, Productboard

☆ Lone Pine, Steve Mandel's $15 billion hedge fund, bounced back in 2023 following clients pulling out billions
▼ + stars: | 2024-01-10 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +1 min

Despite billions leaving the firm, Lone Pine Capital ended strong last year. The manager was down 38% and 42% in its hedge fund and long-only strategy, respectively, last year. Bloomberg reported in August that clients had pulled roughly $3 billion out of the firm in the 12 months leading up to July 2023. The firm's strong 2023 performance bested the average hedge fund, which returned less than 8%, according to Hedge Fund Research. Still, the flagship hedge fund strategy trailed the S&P 500, fellow Tiger Cubs like Tiger Global and Coatue, and other tech investors like Whale Rock and Light Street.

Persons: Cub, Steve Mandel, Pine, Mala Gaonkar's, Peers Organizations: Lone, Lone Pine Capital, Business, Bloomberg, Fund Research, Viking, D1 Capital, Tiger Cubs, Tiger, Nasdaq Locations: Lone Pine, Cypress, Greenwich

OpenAI's tender offer, which would allow employees to sell shares in the start-up to outside investors, remains on track despite the leadership tumult and board shuffle, two people familiar with the matter told CNBC. The round and previously reported valuation were jeopardized by Sam Altman's temporary ouster earlier in November, but his return cleared the way for the tender offer to proceed. The extension of the tender offer comes after a rollercoaster couple of weeks for the company. OpenAI's other major backers include Founders Fund, Sequoia Capital and, following the completion of the tender offer, Thrive Capital. Founders Fund will not participate in the tender offer either, a person familiar with the firm said.

Persons: Sam Altman, Josh Kushner's, Sam Altman's, Altman, Satya Nadella, Greg Brockman, OpenAI, Bret Taylor, Larry Summers, Adam D'Angelo, Nadella, — CNBC's Ari Levy, Jordan Novet, Elon Musk Organizations: Economic Cooperation, APEC, CNBC, Microsoft, Employees, Brockman's, Tiger Global, Fund, Sequoia Capital, Bloomberg Locations: Asia, San Francisco , California, OpenAI

☆ The cofounder of Allbirds has some advice for startups looking to IPO: make money ahead of going public
▼ + stars: | 2023-11-30 | by ( Melia Russell | ) www.businessinsider.com time to read: +5 min

Allbirds was one of the last startups to go public in 2021's IPO biltz. "You need to be a great company, you need to be profitable," says Allbirds cofounder Tim Brown. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Going public before turning profitable is a thing of the past, according to Allbirds cofounder and chief innovation officer Tim Brown. "You need to be a great company, you need to be profitable," he told Business Insider.

Persons: Allbirds, Tim Brown, —, Klaviyo, Lerer, confidentially, PwC, Spencer Platt, Champagne, Brown, Joanna Glasner, Didi, Rivian Organizations: Service, Time Magazine, Maveron, Tiger Global, Casper Locations: Instacart, Silicon, Americas, Allbirds, Ukraine

☆ Scott Shleifer steered billions into startups for Tiger Global. With his reign now over, the industry wonders what's next.
▼ + stars: | 2023-11-29 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +6 min

Few investors are more emblematic of the no-interest-rate private market frenzy than billionaire Scott Shleifer. Tiger's venture approach in 2020 and 2021 — constantly described as unsustainable by rivals — included maneuvers such as offering start-ups more money than they were asking and emailing founders term sheets after a single meeting. Shleifer's reputation and personal wealth grew with Tiger's venture success. As Tiger was fundraising late last year, investors learned of a $10 million settlement Tiger Global made to a former female employee. At least one Tiger investor was surprised to hear about it from Coleman and not Shleifer himself.

Persons: Scott Shleifer, —, Chase Coleman, Donald Trump's, Michael Gross, Tiger, Bain, John Curtius, Shleifer, Eric Lane, Evan Feinberg, Griffin Schroeder, Coleman, Sarah Samuels, Samuels, Scott, OpenAI's, Sam Altman's, Altman, Paul Graham Organizations: longtime Tiger Global, Business, Tiger, Walmart, The, Washington Post Locations: Florida, India, Flipkart, New York

Jack Guez | Afp | Getty ImagesAfter a weekend of crisis and tumult, Sam Altman has returned as the CEO of OpenAI. Nathan Laine | Bloomberg | Getty ImagesBret Taylor, board chair Bret Taylor is currently a board member at the e-commerce platform Shopify . It isn't clear if Taylor's involvement with his own AI startup will cease with his appointment to lead OpenAI's board. OpenAI's board fired Altman Friday after determining he was "not consistently candid in his communications," but its members never elaborated further. Jack Guez | AFP | Getty ImagesIlya Sutskever Ilya Sutskever co-founded OpenAI and serves as its chief scientist.

Persons: Sam Altman, Ilya Sutskever, Jack Guez, Altman, There's, Satya Nadella, Nadella, Here's, Bret Taylor, Nathan Laine, He's, Elon, Taylor, Salesforce, Larry Summers, David A, CNBC Larry Summers Larry Summers, Clinton, Summers, Jack Dorsey, Adam D'Angelo Adam D'Angelo, D'Angelo, Helen Toner, CSET, Vox, Jerod Harris, Helen Toner Helen Toner, Toner, Tasha McCauley, Carlton Laguna Nigel, Tasha McCauley Tasha McCauley, Joseph Gordon, Levitt, McCauley, Ilya Sutskever Ilya Sutskever, Sutskever, Greg Brockman, Brockman, Brockman's, Sven Hoppe Organizations: Tel Aviv University, Afp, Getty, Microsoft, CNBC, Sequoia, Tiger Global, Salesforce, Viva Technology Conference, Bloomberg, Google, Economic, Grogan, Harvard University, Obama, Economic Council, Twitter, Meta, Facebook, The Ritz, Carlton, Georgetown University's Center for Security, Emerging Technology, Philanthropy, Business Development, Ritz, Rand Corporation, GeoSim Systems, AFP, University of Toronto, Stanford, Technical University of Munich Locations: Tel Aviv, Paris, Davos, Switzerland, Washington, Laguna Niguel, Dana Point , California, Russian Israeli, Canadian

☆ VCs didn't care about OpenAI's weird board structure. It was all about investing in Sam Altman and its 'transformative' tech.
▼ + stars: | 2023-11-22 | by ( Madeline Renbarger | Vishal Persaud | ) www.businessinsider.com time to read: +5 min

OpenAI's venture capital investors weren't thinking about its mission to serve "humanity" by developing artificial intelligence. After Altman's ouster, Vinod Khosla, an early investor in OpenAI, came to his defense despite the criticism. OpenAI's complex and unique corporate governance structure meant that VCs could invest in the capped profit entity, but never earn any influence over the nonprofit board of directors, all of whom were either cofounders or appointed outside AI experts. The board structure and its governance are all likely to change as part of the deal to bring Sam Altman back as CEO of OpenAI. The purpose of the newly formed OpenAI board – consisting of current board member D'Angelo, former US Treasury Secretary Larry Summers, and former Salesforce co-CEO Bret Taylor – is to vet and potentially appoint an expanded board of up to nine people, and that Microsoft and Altman want board seats, The Verge reported.

Persons: Sam Altman, OpenAI, Altman, VCs, Sam, Altman's, Vinod Khosla, Yunus, Khosla, Wesley Chan, Greg Brockman, Ilya Sutskever, Tasha McCauley, who's, Joseph Gordon, Levitt, Helen Toner, Adam D'Angelo, Karthee Madasamy, it's, David Sacks, D'Angelo, Larry Summers, Bret Taylor – Organizations: Business, Tiger Global Management, Khosla Ventures, Sequoia Capital, Microsoft, FPV Ventures, Rand Corporation, Georgetown's Center for Security, Emerging Technology, MFV Partners, Qualcomm Ventures, Ikea, Bosch, Novo Nordisk Foundation, Bertelsmann Foundation, Carlsberg Foundation, Craft Ventures Locations: OpenAI, Silicon Valley, Hollywood

☆ Here are the stocks — led by Microsoft — that matter most to hedge fund managers
▼ + stars: | 2023-11-22 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Many hedge funds have been skillfully navigating this year's market volatility. For investors seeking to follow the smart money, here are the stocks that mattered the most to these managers. VerityData analyzed 565 "fundamental" hedge funds that own between 10 and 300 positions each. The research firm then created a list of stocks that most frequently appear among the 10 largest holdings of those hedge funds. Other than Microsoft, the majority of the so-called " Magnificent Seven " mega-cap tech stocks — Amazon, Meta, Apple, Nvidia and Google's Alphabet — also made the list, VerityData said.

Persons: VerityData, Philippe Laffont's Coatue, Chase, Meta, Berkshire Hathaway Organizations: Microsoft, Philippe Laffont's Coatue Management, Tiger Global, Apple, Nvidia, JPMorgan, Berkshire

Sam Altman will return as CEO of OpenAI, the startup said early Wednesday morning on X, formerly known as Twitter. The move follows immense pressure from employees and investors on the board that ousted him less than a week ago. Former Salesforce co-CEO Bret Taylor and former Treasury Secretary Larry Summers will join OpenAI's board, the Microsoft-backed startup said, with Taylor holding the chair position. Adam D'Angelo, co-founder and CEO of question-and-answer startup Quora, will remain on the board. That followed an announcement late Sunday that OpenAI had hired ex-Twitch CEO Emmett Shear as Altman's interim replacement.

Persons: Sam Altman, Salesforce, Bret Taylor, Larry Summers, Taylor, Adam D'Angelo, OpenAI, Ilya Sutskever, Altman, Satya Nadella, Greg Brockman, Emmett Shear, Mira Murati, msft, Nadella, Sam, Greg, OAI Organizations: OpenAI, Twitter, Microsoft, Tiger, Sequoia Capital Locations: openai

Microsoft CEO Satya Nadella told CNBC's Jon Fortt on Monday that the governance structure of OpenAI needs to change, three days after the sudden firing CEO Sam Altman. Early Monday morning Nadella said that Altman, Brockman and their colleagues would join Microsoft as part of a new AI research group. That post followed news that ex-Twitch CEO Emmett Shear had been named OpenAI interim head as Altman looked to depart. Nadella told Fortt that Microsoft respects OpenAI's nonprofit roots and shares its belief that AI needs to be developed and rolled out in a safe manner. WATCH: A timeline of the drama between Sam Altman, OpenAI and Microsoft

Persons: Satya Nadella, CNBC's Jon Fortt, Sam Altman, Nadella, Altman, OpenAI, Greg Brockman, Brockman, Emmett Shear, Fortt Organizations: Microsoft, Tiger, Sequoia Capital

☆ OpenAI is hiring former Twitch CEO Emmett Shear to run company two days after ousting Sam Altman
▼ + stars: | 2023-11-19 | by ( Jordan Novet | ) www.cnbc.com time to read: +2 min

Emmett Shear, former CEO of Twitch, in a Bloomberg Television interview in San Francisco, California, U.S., on Wednesday, Sept. 14, 2016. OpenAI is bringing in former Twitch CEO Emmett Shear to run the artificial intelligence company, two days after the sudden ouster of Sam Altman, CNBC has confirmed. Unlike most Silicon Valley startups, OpenAI wasn't structured like a typical corporation with large chunks of equity controlled by the founders. Shear stepped down as CEO of Twitch, the livestreaming service now owned by Amazon , in March. — CNBC's Ari Levy contributed to this reportWATCH: Madrona's Matt McIlwain talks Sam Altman's departure as OpenAI CEO

Persons: Emmett Shear, Twitch, OpenAI, Sam Altman, Shear, Altman, Mira Murati, didn't, Murati, — CNBC's Ari Levy, Matt McIlwain, Sam Altman's Organizations: Bloomberg Television, CNBC, Bloomberg, Microsoft, Tiger, Sequoia Capital, Amazon, OpenAI Locations: San Francisco , California, U.S

☆ Former OpenAI CEO Sam Altman returns to headquarters for talks following his abrupt ouster
▼ + stars: | 2023-11-19 | by ( Hayden Field | ) www.cnbc.com time to read: +1 min

Sam Altman, CEO of OpenAI participates in the "Charting the Path Forward: The Future of Artificial Intelligence" at the Asia-Pacific Economic Cooperation (APEC) Leaders' Week in San Francisco, California, on November 16, 2023. Sam Altman, the recently ousted CEO of OpenAI, arrived as a guest Sunday at the headquarters of the company he founded. Altman posted a photo of himself on X, formerly Twitter, wearing an OpenAI visitor badge, writing, "first and last time i ever wear one of these." Jason Kwon, OpenAI's chief strategy officer, also posted a photo of Sam with the badge. Microsoft , Sequoia Capital, Tiger Global and venture firm Thrive Capital are part of an effort to reinstate Altman or have been in discussions with him, sources familiar told CNBC.

Persons: Sam Altman, Altman, Jason Kwon, Sam, Brad Lightcap, Lightcap, Greg Brockman, — CNBC's Rohan Goswami, Jordan Novet Organizations: Economic Cooperation, APEC, OpenAI, Microsoft, Sequoia Capital, Tiger Global, CNBC Locations: Asia, San Francisco , California

Sam Altman, CEO of OpenAI, attends the Asia-Pacific Economic Cooperation (APEC) CEO Summit in San Francisco, California, U.S. November 16, 2023. "Sam and OpenAI were the catalyst that showed the world what AI tech is capable of," Jannsen said. Silicon Valley's high-profile startup CEO firings typically involve wrongdoing, rather than just philosophical differences about where the company is headed. "Sam Altman is a hero of mine," former Google CEO and investor Eric Schmidt said in an X post. — CNBC's Lora Kolodny contributed to this report WATCH: OpenAI says Sam Altman exiting as CEO because 'board no longer has confidence.'

Persons: Sam Altman, Carlos Barria, OpenAI, Steve Jobs, Altman, —, Jobs, U.S . Altman, Mark Zuckerberg, Jeff Bezos, Elon Musk, Greg Brockman, Brockman, Ron Conway, Greg, Brian Chesky, Matt Schlicht, Schlicht, Sam, Ryan Jannsen, Jannsen, Patrick Moorhead, They're, Moorhead, Josh Wolfe, Wolfe, he'd, Eric Schmidt, Tom Williams, Airbnb's Chesky, what's, Chesky, Satya Nadella, Zachary Lipton, Carnegie Mellon's Lipton, Lipton, — CNBC's Lora Kolodny Organizations: Economic Cooperation, Reuters, ChatGPT, Apple, U.S ., Amazon, Tesla, Microsoft, Tiger, Sequoia Capital, CNBC, Google, Lux Capital, Cq, Inc, Getty, Carnegie Mellon University, Industry Locations: Asia, San Francisco , California, U.S, Silicon Valley, OpenAI, what's, —

OpenAI investors are pushing to bring back Sam Altman as CEO one day after he was ousted by the board, according to people familiar with the matter. Sequoia Capital has also been in contact with Altman, a person familiar with knowledge of the matter told CNBC. Sequoia also informed Microsoft that it would back efforts to bring back Altman and Brockman, the person said. The Verge first reported on the talks to bring back Altman. In addition to ousting Altman, the company removed Brockman, the chairman, from his board leadership position but said he would remain as president.

Persons: Sam Altman, Altman, Greg Brockman, it's, Sequoia, Brockman, Altman didn't, Mira Murati Organizations: Microsoft, Tiger Global, Sequoia Capital, CNBC, Sequoia Locations: Silicon Valley, OpenAI

☆ Megacaps' Mega Deals: How big tech could be using AI investments to bankroll itself
▼ + stars: | 2023-11-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMegacaps' Mega Deals: How big tech could be using AI investments to bankroll itselfBig tech names like Microsoft, Google and Amazon have poured billions into the biggest names in the AI startup world, effectively replacing what used to be the role of high-profile, highly capitalized tech investors like Tiger Global and Softbank. And in some cases, through exclusive cloud contracts, those investments in startups come right back in the form of cloud revenue. This week on TechCheck, we dig into the megacaps' mega deals, and how big tech could be using AI investments to bankroll themselves.

Organizations: Microsoft, Google, Tiger

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