In a strange turn of events, and in just over three days, Sam Altman has agreed to return to OpenAI as CEO after being said to join Microsoft on Monday.
Could these events influence the development of AI and the stocks of tech companies that are heavily invested in it? Read on to find out why CAPEX.com traders should keep an eye on all the news around the matter.
Who is Sam Altman and What Caused These Events to Happen?
Sam Altman is an entrepreneur and investor who co-founded OpenAI. He served as CEO of the tech company from 2019 until just last Friday, November 17th, when he was told to stand down from his position.
After being fired from OpenAI, today the tech giant released a statement on X that Altman is returning. This return to the creator company of ChatGPT was triggered by hundreds of the company’s employees threatening to leave their jobs if Altman was not reinstated.
The reason behind the events is said to be tension between Altman and other members of the board. According to CNN Business contributor Kara Swisher, who spoke to sources knowledgeable about the crisis, “a key factor in Altman’s ouster was the presence of tensions between Altman, who favoured pushing AI development more aggressively, and members of the original OpenAI board, who wanted to move more cautiously".
Altman wanted to commercialise AI tools. In OpenAI’s first developer day a few weeks ago, the investor announced the company’s willingness to make the tools available to everyone. This would mean that anyone could create their own version of ChatGPT.
The Move to Microsoft
It seems that Altman did a lot of chatting over the weekend as on Monday morning it was announced that he would be joining Microsoft (MSFT) as the company’s new CEO of the AI research division.
On the news, Microsoft shares rose more than 2% on Monday.
Microsoft daily chart over six months, November 21, 2023. Source: CAPEX.com WebTrader.
The Announcement of Altman’s Return to Open AI
After a large majority of OpenAI employees threatened to leave their jobs if the company did not rehired Altman as its CEO, the company decided to bring him back.
The announcement was made via the company’s X account and since then, the media has been all over the news.
OpenAI X account, November 22, 2023.
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Summary
- Sam Altman was fired as CEO of Open AI on Friday and hired by Microsoft on Monday.
- On this news, Microsoft’s shares rose more than 3%.
- Today, Wednesday, OpenAI announced the return of Altman.
- This decision was triggered by the fact that a number of employees threatened to leave if he was not reinstated.