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All values as of 6 AM ET / 3 AM PT, other than S&P500 close (4 PM ET / 1 PM PT).
All times are ET.
1. Sam Altman to return as CEO of OpenAI
They will expand the board to 9 members over time, likely with representation from Microsoft.
Adam D’Angelo is only the member from the old board.
Still unclear why Altman was fired in the 1st place. It appears that it wasn’t a specific event, but rather several events that were perceived as miscommunications.
Altman has agreed to an internal investigation into his mysterious alleged wrongdoings.
Even before the announcement, OpenAI continued to ship, including a rollout of ChatGPT Voice to free users
2. CZ pleads guilty, steps down as CEO of Binance, to pay $4.3B in fines, leave U.S.
Settlement with DOJ and CFTC, hinting at possible additional fines from the SEC.
CZ plead guilty to U.S. anti-money-laundering requirements. He encouraged top U.S. clients to trade on Binance.com, rather than Binance US, and directed his executives to hide their tracks.
Unlikely to get prison time.
$1B withdrawals in 24h, with Binance still having $67B in custody.
Binance Labs returned its capital over the summer, after raising $500M in 2022.
Binance’s new CEO is Richard Teng, Binance’s current head of non-U.S. markets
CZ can come back in 3 years.
The Forbes cover meme was quick to show up
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