Sam Altman returns to the OpenAI board, and the AI sector sees a broad rally

Author: Joyce, BlockBeats

According to TheInformation, Sam Altman will rejoin the OpenAI board as CEO.

"Sam and Greg are the right leaders for OpenAI"

The OpenAI board recently made an announcement on Twitter, stating that it has completed a review conducted by the law firm WilmerHale and that Sam Altman and Greg Brockman will continue to lead OpenAI.

The announcement revealed that WilmerHale conducted dozens of interviews with former board members, OpenAI executives, former board advisors, and other relevant witnesses, reviewed over 30,000 documents, and assessed various actions taken by the company. The summary concluded that Sam Altman's actions did not warrant his removal. Instead, WilmerHale found that Sam Altman's dismissal was due to a "breakdown of the relationship and loss of trust" between the former board and Mr. Sam Altman. The former board acted too quickly, failing to notify key stakeholders in advance and not conducting a thorough investigation.

Based on the records established by WilmerHale and the recommendations of the special committee, the board expressed full confidence in Mr. Sam Altman and Mr. Greg Brockman's continued leadership of OpenAI. The announcement quoted OpenAI board chair Bret Taylor as saying, "We unanimously believe that Sam and Greg are the right leaders for OpenAI."

Subsequently, Sam Altman also posted on Twitter from the perspective of OpenAI CEO, saying, "Thank you to everyone on our team for showing such resilience (which is an outstanding skill of OpenAI!) and for staying focused during challenging times." Sam also specifically thanked OpenAI's interim CEO Mira Murati and president Greg Brockman for their support. Previously, former president Greg Brockman publicly announced his resignation in support of Sam Altman after learning of his dismissal, and Mira Murati made significant efforts as interim CEO to facilitate Sam Altman's return.

At the end, Sam Altman reflected on the previous dismissal turmoil, stating that he "learned a lot from this experience" and revealed that he is advancing some important work, eagerly looking forward to showcasing it to users.

Board Dismissal Turmoil

On November 17, 2023, the board of the nonprofit organization overseeing OpenAI stated that they had "lost confidence in Altman's candor," announcing the dismissal of CEO Sam Altman and the removal of president Greg Brockman from the board, with the company's chief technology officer Mira Murati appointed as interim CEO, shocking the tech community.

The OpenAI board and Sam Altman engaged in a two-week tug-of-war over serious disagreements. Initially, OpenAI's interim CEO Mira Murati indicated plans to rehire Sam Altman and former president Greg Brockman. Additionally, over 80% of OpenAI's more than 700 employees signed a petition demanding the board's resignation and the reinstatement of Sam and Greg.

Afterward, newly appointed CEO Emmett Shear stated on his social platform that as part of his first 30 days in office, he planned to investigate the circumstances surrounding the dismissal of his co-founder and former CEO, appointing an "independent investigator" to look into the process and communication strategies regarding Sam Altman's dismissal, and requiring the investigator to submit a complete report.

During this period, Microsoft, which has invested over $11 billion in OpenAI, also expressed consideration of joining the OpenAI board to support Sam. If Altman could not return to OpenAI, Microsoft would consider investing in Altman's new ventures. Ultimately, Sam Altman posted on social media, stating, "I love OpenAI, look forward to returning to OpenAI, and continuing to grow on the strong foundation of our partnership with Microsoft."

Related article: 《The Farce Ends, Sam Altman Belongs to Microsoft》

Finally, on November 30, OpenAI announced the formation of a new initial board, with Sam Altman reinstated as CEO, Mira Murati as chief technology officer, and Greg Brockman as president. The interim board also included Bret Taylor (chair), Larry Summers, and Adam D'Angelo. After more than 100 days since the "coup," Sam Altman returned to the original OpenAI board.

Strong Reactions in the AI Sector

The news of Sam Altman's return to OpenAI has reignited enthusiasm for the AI sector in the crypto market. AI projects such as Render (RNDR), Fetch.ai (FET), SingularityNET (AGIX), and Arkham (ARKM) all saw increases of over 15% within 24 hours. Additionally, Worldcoin (WLD), of which Sam Altman is a founder, reached a new historical high, surpassing $10, with a 24-hour increase of over 40%.

Moreover, the decentralized streaming platform LPT, which doubled in value three days after the launch of OpenAI's video generation model Sora, also surged, briefly exceeding $26, currently priced at $25.9, with a 24-hour increase of over 65%.

With OpenAI continuously launching new products and Nvidia's stock price skyrocketing eightfold last year, the AI sector, which is highly favored by the tech community, has become a hot area of interest in the crypto market for 2024. Since the beginning of this year, WLD has emerged as a popular target in the AI sector with an impressive increase of over 300% in two weeks. Various AI projects that appeared during the last bull market and are now listed on mainstream trading platforms are also experiencing a resurgence. The positive stimulus from Sam Altman's return to OpenAI is just the beginning of further upward potential for various AI projects this year.