Suffice to say a *lot* of employees at OpenAI are in shock at the chaos going on over at the company today. It's quite surreal to see how it has all been handled in the space of just a few days. If any folks within OpenAI would like to chat, please get in touch:
@ryan_browne_
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OpenAI CEO Ousted: Twitch Ex-CEO Shear Takes Over
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Nuts start to the day… not long after the CEO of OpenAI, @sama
, was ousted by the board, it's emerged that he won't be returning and that @eshear
, the ex-Twitch CEO, will be stepping in to replace him. Here's what you need to know about Shear – not the most well-known figure -
Sam Altman exits OpenAI CEO role amid board confidence loss
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WOW. OpenAI's Sam Altman exits as CEO because 'board no longer has confidence' in ability to lead That is sure to rock the AI world…
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Alibaba Loses $20B After Scrapping Cloud Unit Spinoff
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Alibaba extends its tailspin… The company has lost more than *$20 billion* in market capitalization after it announced plans to scrap its planned spinoff of Cloud Intelligence Group. Investors were hoping for a successful listing of the unit- analysts had pegged its expected
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Germany approves tech reforms to boost startup competitiveness
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New: Germany just approved new reforms to make its tech industry more attractive. The laws, which were approved in Bundestag moments ago, improve Germany's rules on employee stock options – a big pain point for several startups in the country. More here: https://
cnbc.com/2023/11/17/ger
many-approves-financial-reforms-to-boost-its-tech-industry.html
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Alibaba drops 8% after canceling Cloud unit spinoff
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$BABA shares dropping 8% after the company announced it no longer intends to spin off its Cloud Intelligence Group unit due to US chip restrictions. Details:
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Starling expands Asia-Pacific reach with AMP digital banking deal
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As I reported earlier this year, Starling has been looking to expand its reach into Asia-Pacific by licensing out its core banking technology. The company just announced the first results of that effort: a deal to power the digital banking offering of Australia’s AMP.
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Wefox raises $55M from Deutsche Bank and UniCredit
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Scoop: Wefox, the German insurance tech platform, has raised $55 million of funding from Deutsche Bank and UniCredit, sources familiar with the matter tell me. The fresh capital comes in the form of a convertible debt round – meaning Wefox's valuation is unchanged at $4.5
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UK AI Safety Summit Addresses Existential Risks and International Coordination
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The UK's big AI safety summit takes place tomorrow. It's a two-day event that's set to be jampacked with lots of chatter on the existential risks surrounding AI – and finding some international coordination on the technology (no mean feat with both the US and China attending).
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Coinbase Selects Ireland as EU MiCA Hub for Crypto Services
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Exclusive: Coinbase has chosen Ireland is its main "MiCA" hub in the EU. The crypto exchange applied for a MiCA license with the Irish central bank. This would allow it to offer services throughout the EU under one international supervisor. More here: