Welcome back! The holiday season is basically here, so here’s a rundown of the difference between the two Michaels and Hobby Lobby Christmas Decorations.
In today’s big story, we take a look at the shocking firing of Sam Altman from OpenAI.
What’s on board:
But first, a change of leadership.
Big story
See you later, Sam
Richard A. Insider’s Opportunity
About a year ago Sam Altman was the CEO of the company at the center of one of the greatest technological revolutions in a recent memory. He was then thrown out.
OpenAI, the hottest startup in the world thanks to its ChatGPT chatbot, fired Altman on Friday afternoon. It was a move that shocked the tech community and surprised those familiar with OpenAI and Microsoft, one of its major investors.
However, according to reports over the weekend, OpenAI investors sought to reinstate Altman before today’s opening bell.
But it looks like they didn’t move fast enough. Altman has already been hired by Microsoft, along with former OpenAI CEO Greg Brockman, to “lead a new research team focused on advanced artificial intelligence,” Microsoft CEO Satya Nadella announced in a post on X.
This is the latest in one of the strangest leadership transitions in recent memory.
In a scathing blog post on Friday afternoon, OpenAI said Altman “was not always candid in his interactions with management, which made it difficult for him to perform his duties.”
“The board no longer has confidence in his ability to continue to lead OpenAI,” the post continued.
On Friday, the company initially named Mira Murati, OpenAI’s chief technology officer, as its interim CEO. However, OpenAI has already named its third CEO in as many days: Emmett Shearco-founder of the video streaming service Twitch.
So what exactly led to Altman’s shocking takedown?
That’s $90 billion (i.e reported valuation requested by OpenAI in connection with a recent potential share sale).
There are many rumors about the cause, ranging from Altman trying to get funding for a separate startup to reports of disagreements between OpenAI co-founder Ilya Sutskever and Altman over the speed at which the company was developing artificial intelligence.
One a widely reported internal memo indicated that Altman’s removal had nothing to do with “abuse or anything related to our financial, business, security or security/privacy practices.”
Whatever the issue, the public should know about it, argued Business Insider’s Alistair Barr. Given that OpenAI is working on artificial intelligence that could potentially pose a threat to humanity, the public deserves to know what Altman wasn’t talking about, Alistair wrote.
Short messages
Your Monday headlines roundup
A quick summary of the most important news from the weekend:
3 things in the markets
BlackRock, led by CEO Larry Fink, is creating new positions within its public policy team as BlackRock and Fink personally face challenges.
Arnd Wiegmann/Reuters
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Leaked memo: BlackRock is overhauling its lobbying team for U.S. policymakers. The $9.1 trillion asset manager is hiring for two new positions covering U.S. and state government affairs. In an internal memo, a BlackRock executive wrote that the company is facing “increasing pressure on our reputation” and must “adapt our strategy and commit more resources to meet these challenges.”
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What the “doom loop” bond means for the market. The growing U.S. government deficit has led market experts to speculate that bond yields will rise to attract investors. In fact, high government debt usually means lower bond yields.
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The theory behind why Warren Buffett hoards cash. Berkshire Hathaway had a record $157 billion in liquid assets. Lee Munson, president and principal investor of Portfolio Wealth Advisors, believes that’s why a famous investor believes that trouble awaits him.
3 things in technology
Amazon Web Services CEO Andy Jassy.
Related press
3 things in business
Anna Kim for BI
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Creepy AI-based surveillance may be leaking into your workplace. A new breed of startups is promoting the idea that emotional artificial intelligence can pick up on subtle facial movements to determine what we’re feeling. While the science behind this technology is disputed, that doesn’t stop companies from using it to spy on employees.
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Signs you may have a narcissistic boss and what to do about it. Some of the six signs of a narcissistic boss include insensitivity and disregard for employees’ problems and lack of recognition of their employees’ achievements.
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Get ready for an explosive Black Friday. Sales could be bigger and better this year. Since customers are a bit more reserved in spending, companies can offer higher discounts to lure them.
In other news
What’s happening today
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Apolz — President Joe Biden will pardon Turkey on National Thanksgiving Day. President Harry Truman pardoned Turkey’s first National Thanksgiving Day in 1947.
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Today happens to be Biden’s birthday. Future and Robert F. Kennedy were also born on this day.
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Earnings today: Magnification and other companies.
For your bookmarks
The best science fiction movies
Sunset Boulevard/Corbis via Getty Images
The 20 best sci-fi movies of all time, according to fans. The movie list includes many Star Wars films, A Clockwork Orange and Blade Runner.
Insider Today Team: Dan DeFrancesco, senior editor and presenter in New York. Diamond Naga Siu, senior reporter, in San Diego. Hallam Bullock, editor, in London. Lisa Ryan, editor-in-chief, in New York.
