Home Business ChatGPT CEO’s Reign Over Google’s Throne Undeterred Despite Lack of Shares

ChatGPT CEO’s Reign Over Google’s Throne Undeterred Despite Lack of Shares

OpenAI’s ChatGPT has sparked an arms race among Silicon Valley companies and investors over what AI has sparked, and an investment frenzy that has turned out to be a boon for OpenAI’s shareholder investors and employees.

But CEO and co-founder Sam Altman might not be one to celebrate the spoils of the day Silicon Valley founders have enjoyed in years past. Semaphore reported Friday that Altman did not own shares in the company when he joined the for-profit entity OpenAI LP in 2019.

OpenAI was launched as a non-profit model in 2015 with the backing of Tesla CEO Elon Musk, who pledged $1 billion in OpenAI, reported Semaphore. But Musk was dissatisfied with the growth of OpenAI, which he considered “behind Google by a large margin.”

And in early 2018, Musk offered to take over and manage OpenAI himself, an offer rejected by Altman and the other team of the company, according to CNBC, which was seen by News Agency.

The private rift reportedly prompted Musk’s departure. According to the report, Musk reneged on a publicly announced funding deal, providing just $100 million of the anticipated $1 billion.

Altman was already rich in independently starting his long career or investing in start-up technological. Citing sources, Semaphore said this influenced his decision not to seek stock ownership when the transformation was in course.

Months after adding a for-profit entity, OpenAI secured a $1 billion investment from Microsoft in July 2019, which has since integrated the company’s technologies into its products.

While Altman’s lack of start-up capital reportedly gave investors pause in 2019, the hype surrounding the launch of ChatGPT has likely allayed those concerns.

The Wall Street Journal reports that OpenAI is now eyeing a $29 billion stock offering, more than double the company’s value in 2021.

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