Sam Altman probed by SEC

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The U.S. Securities and Exchange Commission (SEC) is investigating Sam Altman, the CEO of OpenAI, to determine whether investors were misled by the company. This probe was initiated after internal communications by Altman came under scrutiny. The SEC has issued a subpoena for records from current and former officials and directors of OpenAI, which is the creator of ChatGPT. The investigation follows the OpenAI board's decision in November to dismiss Altman as CEO and remove him from the board, citing a lack of candor in his communications with the board, which they claimed hindered their ability to fulfill their responsibilities. Despite this, Altman was reinstated as CEO shortly after his dismissal, coinciding with the introduction of a new initial board chaired by former Salesforce co-CEO Bret Taylor. The SEC's investigation is also looking into the preservation of internal documents by senior OpenAI executives. While no specific comments or communications by Altman have been identified as misleading by the regulator, the probe is seen as a response to the board's allegations. OpenAI has recently been valued at over $80 billion following a deal, and Altman is reportedly seeking to raise funds for a chip venture to enhance AI capabilities. Microsoft, a major investor in OpenAI's for-profit arm, has committed $13 billion to the company as part of a multi-year agreement, which gives Microsoft a 49% stake in the earnings of OpenAI's for-profit arm. The SEC's investigation comes amidst this backdrop of significant financial activity and strategic changes within OpenAI.
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