New Delhi
A planned share sale by OpenAI, valuing the startup at around $86 billion, is now in jeopardy following the unexpected firing of CEO Sam Altman and the departure of several top executives, as reported by The Information on Saturday.
The tender offer, led by Thrive Capital, had reached its final stages and was anticipated to conclude next month. The sudden management shakeup has cast doubt on the completion of the sale, raising concerns among stakeholders.
The upheaval at OpenAI unfolded after the board ousted CEO Sam Altman on Friday, triggering a chain of executive departures, including OpenAI president and co-founder Greg Brockman, who gave up his role as chairman. The abrupt changes reportedly caught many employees off guard, learning about the developments through an internal message and the company's public blog.
OpenAI, known for its ChatGPT language model, gained prominence in the field of generative AI with substantial backing from Microsoft. The non-profit organisation, despite its ties with Microsoft, does not have a board seat from the tech giant.
The firing of Altman and the subsequent executive departures have created uncertainty not only within the company but also regarding the completion of the share sale that could have valued OpenAI at $86 billion.
(With inputs from Reuters)
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