Topic: corporate governance
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OpenAI's Future: A Leadership Struggle
A pivotal trial between Elon Musk and Sam Altman will determine the future of OpenAI's founding mission, with significant implications for the global AI industry and OpenAI's planned IPO later this year. Musk's lawsuit accuses OpenAI of abandoning its nonprofit purpose to benefit humanity, allegi...
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Revolut mulls $250mn share-backed loan for CEO Storonsky
Revolut is asking shareholders to approve raising CEO Nik Storonsky's borrowing limit against his personal stake from $50mn to $250mn, a fivefold increase tied to his roughly 29% holding valued at about $33bn after a recent $115bn company valuation. The proposed changes, part of a governance revi...
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OpenAI adds two bank CEOs to board ahead of IPO
OpenAI has added Nubank CEO David Vélez and BNY CEO Robin Vince to the boards of both its nonprofit foundation and for-profit group, signaling the strongest governance indication yet of a potential initial public offering (IPO) as early as 2027. The appointments provide Wall Street experience and...
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Firmus Technologies Strengthens Leadership for Sovereign AI Push
Firmus Technologies has appointed Kirsty Godfrey-Billy as CFO and Grant Dempsey as incoming Board Chair following a $330 million equity financing round to support institutional growth and technological expansion. The company is preparing to launch Project Southgate, a sovereign AI campus in Tasma...
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Anthropic gives founders supervoting shares ahead of IPO
Anthropic is restructuring its ownership ahead of an imminent IPO, introducing supervoting shares for CEO Dario Amodei and co-founders to preserve strategic control despite their small individual stakes (Amodei holds only ~2%). The company is also establishing a long-term trust to control board m...
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Read Only Memories Studio Files for Bankruptcy
MidBoss, the studio behind "2064: Read Only Memories", has filed for Chapter 7 bankruptcy in California, leading to liquidation of assets and dissolution of the company. The filing was made by returning CEO Matt Conn amid financial struggles, including delays and funding gaps on the sequel Read ...
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Sutskever Reveals $7bn OpenAI Stake in Musk Legal Battle
Ilya Sutskever testified under oath that his personal ownership stake in OpenAI is worth roughly $7 billion, making him one of the company's largest individual shareholders alongside Sam Altman. The disclosure occurred during Elon Musk's lawsuit challenging OpenAI's transition from a non-profit t...
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OpenAI Negotiates Helion Fusion Power Deal
OpenAI and Helion Energy are in early talks for a massive fusion power deal, where OpenAI would receive 5 gigawatts of electricity by 2030, scaling to 50 gigawatts by 2035. OpenAI CEO Sam Altman, a major investor in Helion, has recused himself from the negotiations to avoid a conflict of interest...
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DeepMind researcher quits over Google's military AI contract
A Google DeepMind researcher, Alex Turner, resigned over the company's contract with the Pentagon for classified military AI use, citing a crisis of conscience. The resignation adds to growing internal dissent, including a petition signed by 600 employees and public criticism, following Google's ...
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The Global Race to Dominate Artificial Intelligence
Corporate leadership transitions can be either meticulously planned or chaotic, as exemplified by Sam Altman's dramatic ousting from OpenAI during "The Blip" in November 2024. The situation was marked by a series of video calls and a text from the sitting CEO to his predecessor asking "Who's in c...
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Nscale Secures $2B Series C, Valued at $14.6B
Nscale, a UK-based AI infrastructure company, has raised a record $2 billion in Series C funding, achieving a $14.6 billion valuation and highlighting intense investor demand for AI compute capacity. The company operates vertically integrated data centers built for GPU-dense workloads and is aggr...
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Sam Altman Slams Elon Musk in Fiery X Posts
The public dispute between OpenAI CEO Sam Altman and Elon Musk has escalated, with Altman posting pointed allegations on X about Musk's company providing few records in their ongoing legal discovery process. The core legal conflict centers on OpenAI's shift to a capped-profit model, which Musk ar...
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Tesla Revives Threats to Secure Musk's $1 Trillion Pay Package
Tesla's board is urging shareholders to approve Elon Musk's $1 trillion compensation package, warning that rejection could lead to his departure and a significant drop in the company's value, mirroring past successful strategies. Corporate governance advisors oppose the package due to its excessi...
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Microsoft-OpenAI Deal Paves Way for Potential IPO
The partnership between Microsoft and OpenAI is advancing with a new agreement, though structural and regulatory issues remain, including Microsoft's dual role as both collaborator and competitor. Microsoft has invested $13 billion in OpenAI and shares revenue from ChatGPT, while also increasing ...
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Elon Musk Effigy Raised Over Times Square in Grok Protest
A protest by Safe AI Now (SAIN) in Times Square targeted Elon Musk before SpaceX's IPO, featuring an inflatable effigy and banners accusing Grok of generating AI child pornography, with the protest strategically timed and placed near the Nasdaq and JP Morgan. SpaceX's $1.77 trillion IPO grants Mu...
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Elon Musk's $1 Trillion Tesla Pay Approved Despite CEO Criticism
Tesla shareholders overwhelmingly approved a potential $1 trillion compensation package for CEO Elon Musk, contingent on the company meeting ambitious long-term performance goals. The package grants Musk over 423 million shares if Tesla achieves targets like producing 20 million vehicles, deployi...
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OpenAI reportedly offers Washington $42.6bn stake
OpenAI has offered the U.S. government a 5% equity stake, valued at roughly $42.6 billion, as part of intensifying negotiations with the White House over distributing AI economic benefits. CEO Sam Altman argues this voluntary stake through a public wealth fund is the best way to share AI wealth, ...
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OpenAI disbands preparedness team, report says
OpenAI has dissolved its preparedness team, which was responsible for identifying existential risks and developing safeguards for AI models, with those duties now redistributed across existing departments like biosecurity and cybersecurity. The restructuring occurred at the end of last month and ...
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SpaceX drops 6% as record IPO rally loses momentum
SpaceX's stock dropped over 6% on Thursday after its historic $75 billion IPO, though shares remained more than 30% above the offering price, as profit-taking and valuation scrutiny set in. The company's value hinges on its profitable Starlink satellite-internet division and CEO Elon Musk's conce...
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SpaceX IPO Filing: Anthropic Pays $15B Yearly for Data Center Access
A regulatory filing reveals Anthropic is paying SpaceX $1.25 billion per month through May 2029 for cloud computing access, totaling roughly $15 billion annually, to secure GPUs at two massive data centers originally built for xAI. The deal reflects Anthropic's massive need for compute power as i...
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