The U.S. Securities and Exchange Commission (SEC) has launched an investigation into Sam Altman, the CEO of OpenAI, amidst concerns of potential investor deception. The probe was initiated following scrutiny of internal communications involving Altman. The SEC has issued subpoenas for records from both current and former officials and directors of OpenAI, the organization behind innovations like ChatGPT.
This investigation stems from the OpenAI board's decision in November to dismiss Altman as CEO and remove him from the board, citing a lack of transparency in his communications. Despite his dismissal, Altman was later reinstated as CEO coinciding with the appointment of a new initial board chaired by Bret Taylor, former co-CEO of Salesforce.
While specific misleading comments or communications by Altman have not been identified by the regulator, the investigation is perceived as a response to the board's allegations. OpenAI, valued at over $80 billion following a recent deal, has seen Altman exploring avenues to raise funds for a chip venture aimed at enhancing AI capabilities.
In light of Microsoft's substantial investment in OpenAI's for-profit arm, totaling $13 billion as part of a multi-year agreement granting Microsoft a 49% stake in the arm's earnings, the SEC's investigation adds complexity to the organization's evolving financial landscape.
This investigation unfolds against the backdrop of significant financial activity and strategic changes within OpenAI, reflecting the increasing scrutiny surrounding high-profile tech ventures and their leadership.