The SEC investigates OpenAI. Sam Altman’s company, the founder of ChatGPT, could be accused of deceiving its investors.
Bad news for OpenAI. The startup that created ChatGPT, led by CEO Sam Altman, is under SEC investigation.
The Securities Exchanges Commission is examining Altman’s internal communications in search of evidence that would demonstrate how the investors of the company linked to Microsoft were deceived, The Wall Street Journal reported.
OpenAI under SEC investigation
According to the WSJ report, the US regulator is carefully studying the communications and internal documents of both former and current OpenAI managers and directors. And not only that: a subpoena would also have been sent to ChatGPT’s parent company set for December. The sources reporting the news, who are familiar with the matter, prefer to remain anonymous - specifies the US newspaper.
It dates back to last November’s decision of the OpenAI Board of Directors to oust Altman from the role of CEO. The company explained that it "concluded that (Altman) had not been consistently truthful in his communications with the board, hindering his ability to carry out his responsibilities."
A few days later, however, Altman returned to his role as CEO, thanks to a reshuffle of the Board of Directors and the appointment of Bret Taylor, former co-CEO of Salesforce, as president.
Expansion plans for ChatGPT at risk
The SEC’s investigation into OpenAI comes at a crucial time.
Altman is reportedly in talks to raise capital - we’re talking billions of dollars - for a chip venture to expand OpenAI’s ability to power artificial intelligence and much more.
Additionally, the company recently closed a deal that values it at $80 billion or more, the New York Times reported in early February.
OpenAI’s ChatGPT has the merit of having started a real boom in artificial intelligence and its adoption in a variety of sectors. Microsoft Corp. has invested more than $10 billion in its partnership with the startup.
The SEC investigation, as Bloomberg points out, could end without any findings of wrongdoing on the part of the parties involved.
“The Board will continue to take steps to strengthen OpenAI’s corporate governance, build a skilled and diverse board of exceptional individuals, and oversee OpenAI’s important mission in ensuring that artificial intelligence benefits all of humanity,”, Board President Bret Taylor declared last December.
Original article published on Money.it Italy 2024-02-29 10:11:39. Original title: OpenAI, indaga la Sec. Gli investitori sono stati ingannati?
