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Sam Altman enters his power era
  + stars: | 2023-11-25 | by ( Michael Cogley | Riddhi Kanetkar | )   time to read: +7 min
A failed coup at OpenAI saw Sam Altman return as CEO and stronger than ever. The botched coup of OpenAI chief executive Sam Altman has seemingly reinforced his power. Even more astonishingly, Altman lacks the one obvious lever of power that keeps founder-CEOs like Mark Zuckerberg in power: controlling shares in his company. "He's really, really, really good at both being understood, but also understanding and asking thoughtful questions." They acted in their best interest," one OpenAI staffer posted on Blind, a social network site where employees can post anonymously.
Persons: Sam Altman, Altman, , Mark Zuckerberg, Eduard Cristea, — Mira Murati, Satya Nadella, Greg Brockman, Vinod Khosla, Dan Siroker, Paul Graham, Holofy's, Cristea, Sam, OpenAI, would've, Altman OpenAI, Ilya Sutskever, we've, — Ilya Sutskever, Sutskever, Ilya, we'd, it's Organizations: Service, Microsoft, Stanford, New York Times Locations: OpenAI, Silicon Valley, Silicon
The wildest coup in Silicon Valley's history just took place over the last 48 hours. OpenAI booted CEO Sam Altman, nearly hired him back, then went with 2 other CEOs. Sam Altman has now been scooped up as an employee by Microsoft, OpenAI's biggest investor. Sam Altman had met with world leaders, including British Prime Minister Rishi Sunak, in London earlier in the month. But Microsoft CEO Satya Nadella has not let a good crisis go to waste.
Persons: OpenAI, Sam Altman, Altman, , Mira Murati, Emmett Shear, Greg Brockman, — Aaron Levie, ❤️ emojis, AngelList, Babak Nivi, OpenAI's, Rishi Sunak, Kamala Harris, Ursula von der Leyen, Alastair Grant, Ilya Sutskever, Adam D'Angelo, Tasha McCauley, Helen Toner, Mary, Gary Marcus, Sam, 👉, Gary, Satya Nad Organizations: Microsoft, Service, British, AI, Georgetown's Center for Security, Emerging Technology, usl Locations: London
Virtual-events startup Hopin was a pandemic winner when it hit a $7.8 billion valuation in 2021. Now its CEO is stepping down, it's selling off parts of its business, and is set to hand back investor cash. But as vaccinations arrived and the travel restrictions eased, demand for Hopin's platform waned. "The pandemic was an extraordinary time to be investing," one London-based tech investor who had not backed Hopin said. Armed with more than $1 billion in investor cash, Boufarhat opted to make acquisitions.
Persons: Johnny Boufarhat, Boufarhat, Andreessen Horowitz, Catalyst, Slack, Hopin, Johnny ", Hopin Boufarhat, outsized, Streamyard, Badri Rajasekar, Klarna Organizations: Tiger, UPS, RingCentral, University of Manchester, Financial Times, Venture, Founders, Microsoft, Private Locations: London, Australia, Lebanese, US, Dubai, Papua New Guinea, Switzerland, Hopin
The Cupertino-based tech giant is taking its usual 30% cut from users signing up to ChatGPT Plus through the app, according to a note from Bernstein analysts. A spokesperson for Gates told the WSJ that Epstein had "tried unsuccessfully to leverage a past relationship" to threaten the tech billionaire. Microsoft's marketing chief told staffers to bump the stock prices for raises. The tech giant has already managed to outpace the market with shares up 33% so far this year. The tech giant just launched two new Pixel phones.
It will be interesting to see what enlarged role social media stats will also have on the publishing industry, given TikTok has assumed the position of a literary kingmaker. But before I pitch you my novella that's sure to be a social media hit, let's jump into today's tech news. He also revealed that he planned to rehire some of the thousands of staff he laid off after he assumed control of the social media giant. A new PR tech company is using AI to write press releases. Apple unveiled a new set of accessibility features this week, including "Personal Voice," which aims to replicate a user's voice with AI after 15 minutes of training.
The sale means UK startups and investors will be able to access their money. Like its US parent, SVB UK mostly served tech startups and their investors. Insider understands from a person close to SVB UK that there is some internal frustration at the bank run. The feeling is that SVB UK was sold off simply because of groupthink. That evening, it looked feasible that the government would allow SVB UK to collapse.
At least 10 European VC funds have told their founders to pull funds out of Silicon Valley Bank. Silicon Valley Bank's woes spread overseas on Friday morning as tech investors in Europe followed their US peers and advised founders to pull their cash from the bank. The bank's shares plummeted 60% amid concerns among investors and founders about the safety of their cash. The bank has been a stalwart in the tech industry over the past 40 years, acting as a banking partner and investor for startups across the world. Castiglione said that UK funds were only "screwed" if Europe followed suit with the "US panic contagion."
Grocery-delivery startup Getir has acquired its German rival Gorillas at a hefty discount. Gorillas tried to raise capital to continue to operate on its own but has accepted the deal from Getir. The Berlin-based startup, which slashed jobs earlier this year, was valued at around $3 billion in 2021. Insider first reported last month that Gorillas, only founded in 2020, would likely be sold at a discount. Gorillas was last valued at $3 billion in 2021. Insider has approached Getir and Gorillas for further comment.
These are the best seed investors backing European firms, based on data analysis from Tribe Capital. Insider and Tribe also identified the Seed 10: the best female early-stage investors. We have listed the top 50 seed investors into European firms, based in countries including the UK, Sweden, Turkey, and the US. Insider has also detailed the 10 best female seed-stage investors in Europe in the Seed 10 list. How Tribe Capital selected and ranked Insider's Seed 50 and Seed 10 lists of the early check-writers in Europe
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