SEC investigates potential deception of OpenAI investors during the crisis with Altman

The United States Securities and Exchange Commission is examining whether OpenAI misled investors when Sam Altman was suspended from his position

Sam Altman
Sam Altman / TechCrunch, CC BY 2.0 DEED

The Securities and Exchange Commission (SEC) has initiated an investigation to determine whether OpenAI investors were deceived due to the situation where Sam Altman was temporarily dismissed from his role as CEO last year.

Referring to unnamed sources, Wall Street Journal reports that the regulator's focus is on the circumstances of Altman's suspension and his communications following the event.

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In December, the commission requested the preservation of internal documents from top executives and former employees of the company.

The reason for Altman's suspension, the board of directors cited his allegedly uncoordinated communications, but details were not disclosed.

Altman returned to his position in less than two weeks thanks to an agreement that also involved updating the board of directors' composition.

Investors, including Microsoft, advocated for Altman's return.

It was previously reported that after Inditex announced reaching a record revenue of 35.9 billion euros for 2023 and ambitious plans for future expansion, its stock value reached an all-time high.

Also, Vodafone decided to divest its Italian unit, selling it to Swisscom for 8 billion euros as part of its portfolio optimization strategy and improving financial performance, including increasing stock value.

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