Sam Altman Removed From OpenAI Startup Fund As Backed Auto Company Shuts Down Within 5 Months Of Investment [Yahoo! Finance]
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Source: Yahoo! Finance
The move comes as fund-backed startup Ghost Autonomy announced its shutdown five months after receiving a significant investment. This highlights the volatile, yet lucrative, nature of startup investing and venture capital. Established in 2021, the OpenAI Startup Fund aims to foster innovation in sectors where artificial intelligence (AI) can have a transformative impact, such as healthcare, education and energy. Altman has been at the forefront of the fund since its inception, serving as the owner and controller. Don't Miss: A groundbreaking energy company plugs into the $400 billion EV industry and is seeking investors Invest like a millionaire. Exclusive opportunity to invest in Epic Games $17 billion gaming empire. OpenAI announced via a Securities and Exchange Commission (SEC) filing that Altman was no longer the owner and controller of the fund. “As previously communicated, the fund's initial GP [general partner] structure was a temporary arrangement and involved no
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