The Briefing by Martin Peers, Jessica Lessin and the team at The Information

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The Briefing

By Martin Peers, Jessica Lessin and the team at The Information

Get smarter about the day’s news in tech, media and finance by following Silicon Valley’s most-read executive newsletter.

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Recent Editions

Art by Clark Miller.

The Information’s Top Tech-Adjacent Gifts for 2023

By The Information Staff · Nov 24, 2023 9:00am PST · 17 comments

With all of the turmoil afoot this week in Silicon Valley, you may have lost sight of what really matters: its Black Friday, folks! As in past years, The Information’s highly discerning staffers have been busy testing out gear that we know for certain will satisfy holiday recipients. From the technologically assisted (a golf... With all of the turmoil afoot this week in Silicon Valley, you may have lost sight of what really...

Former Binance CEO Changpeng Zhao leaving court after pleading guilty to violating money-laundering laws. Photo by David Ryder/Getty.

Pro Weekly: A Historic Week for AI and Crypto Org Charts

By Akash Pasricha · Nov 24, 2023 8:00am PST

Welcome back!What a week for tech news, and what a week for The Information’s Org Charts! The OpenAI and Binance shake-ups prompted major reorganizations at the biggest companies in artificial intelligence and crypto, respectively, all of which we’ve reflected in the companies’ Org Charts. At OpenAI, Sam Altman is back as CEO after the... Welcome back!What a week for tech news, and what a week for The Information’s Org Charts! The ...

A man walks past the OCC offices in Washington, D.C. Photo by Bloomberg via Getty.

A Bank Watchdog Crowned Its First Chief Fintech Officer. His Work History Was A Web Of Lies.

By Michael Roddan · Nov 24, 2023 6:00am PST · 12 comments

In March, the Office of the Comptroller of the Currency—the powerful federal banking regulator—tapped Prashant Kumar Bhardwaj as the first person to lead its mission to police fintech firms and the banks that power them. On the surface, Bhardwaj seemed to be well qualified to be the OCC’s new deputy comptroller and chief... In March, the Office of the Comptroller of the Currency—the powerful federal banking...

OpenAI Made an AI Breakthrough Before Altman Firing, Stoking Excitement and Concern

By Jon Victor and Amir Efrati · Nov 22, 2023 3:37pm PST · 25 comments

OpenAI Made an AI Breakthrough Before Altman Firing, Stoking Excitement and Concern

By Jon Victor and Amir Efrati · Nov 22, 2023 3:37pm PST · 25 comments

One day before he was fired by OpenAI’s board last week, Sam Altman alluded to a recent technical advance the company had made that allowed it to “push the veil of ignorance back and the frontier of discovery forward.” The cryptic remarks at the APEC CEO Summit went largely unnoticed as the company descended into turmoil. But... One day before he was fired by OpenAI’s board last week, Sam Altman alluded to a recent...

Photo by Justin Sullivan/Getty.

OpenAI Drama’s First Season Ends but Second Season Is Possible

By Martin Peers · Nov 22, 2023 3:30pm PST

The OpenAI soap opera’s first season is over. And just in time for all involved—even reporters—to take a break for Thanksgiving. Their moods may vary. While many people, including executives, employees and investors in OpenAI, are surely thrilled the boardroom drama got resolved with Sam Altman’s reinstatement as CEO, doubtless a few aren’t so... The OpenAI soap opera’s first season is over. And just in time for all involved—even reporters—to...

Photo via Shutterstock

Creator Economy

Deep Discounts at TikTok Shop

By Margaux MacColl · Nov 22, 2023 1:18pm PST · 1 comment

The upcoming few days will be a test of TikTok’s recent, aggressive effort to expand into e-commerce. Recently I've gotten a taste of TikTok shopping. In a few words: it's seductive, as long as the discounts last.Overnight last month I realized the app had sneakily wedged a new TikTok Shop tab between my For You and Following page, and, after... The upcoming few days will be a test of TikTok’s recent, aggressive effort to expand into...

Sam Altman: Religious Cult Leader or CEO?

By Jessica E. Lessin · Nov 22, 2023 12:22pm PST · 3 comments

In a crash pod filmed hours before The Information broke Sam Altman would be returning to OpenAI, the More or Less gang got to the root of why the last five days of chaos around OpenAI is like nothing we've seen before in business. For those of you looking for the broader significance—and where the industry goes next—this... In a crash pod filmed hours before The Information broke Sam Altman would be returning to...

Inside a Sama AI office. Photo via Sama

You Can Separate a For-Profit Company From a Nonprofit. I Helped Do It

By Ben Parr · Nov 22, 2023 11:04am PST · 11 comments

Inside a Sama AI office. Photo via Sama

You Can Separate a For-Profit Company From a Nonprofit. I Helped Do It

By Ben Parr · Nov 22, 2023 11:04am PST · 11 comments

In the turmoil around the firing and rehiring of former OpenAI CEO Sam Altman, many people have looked to OpenAI’s complex governance structure, which marries its original nonprofit mission with a rapidly growing for-profit company now generating revenue at a pace exceeding $1 billion a year. OpenAI’s structure is indeed complex: It... In the turmoil around the firing and rehiring of former OpenAI CEO Sam Altman, many people have...

Thrive's Josh Kushner, Sam Altman and Ashton Kutcher. Photos by Getty

Thrive-Led OpenAI Tender to Continue After Altman Returns

By Maria Heeter and Kate Clark · Nov 22, 2023 10:25am PST · 8 comments

An OpenAI employee share sale that values the firm at $86 billion is back on track following Sam Altman’s reinstatement as CEO late Tuesday night, a person familiar with the matter said. The deal, in which a group of investors led by Thrive Capital will buy up to $1 billion of stock—and conceivably more—held by employees or... An OpenAI employee share sale that values the firm at $86 billion is back on track following Sam...

Art by Clark Miller

From King to Exile to King Again: The Inside Story of Sam Altman’s Whiplash Week

By Paris Martineau and Julia Black · Nov 22, 2023 10:00am PST · 4 comments

Late Thursday afternoon, on what would become the eve of his firing from OpenAI, Sam Altman joined rivals from Google and Meta Platforms on stage at the APEC CEO Summit in San Francisco to discuss the future of artificial intelligence. In an uncanny foreshadowing of the drama to come, the event’s moderator was Laurene Powell Jobs, whose... Late Thursday afternoon, on what would become the eve of his firing from OpenAI, Sam Altman...

Binance CEO Changpeng Zhao leaves the U.S. District Court on Nov. 21 in Seattle. Photo by David Ryder/Getty.

One Binance Saga Comes to a Close

By Aidan Ryan · Nov 22, 2023 9:15am PST · 2 comments

Just when it felt like crypto could coast into Thanksgiving with OpenAI drama dominating headlines, U.S. officials barged in with a settlement in long-running investigations into Binance.The deal is on one hand a seismic shift for the world’s biggest crypto exchange. (You can view our updated Binance org chart here.) Its founder Changpeng Zhao... Just when it felt like crypto could coast into Thanksgiving with OpenAI drama dominating...

Brian Chesky, co-founder and CEO of Airbnb. Photo by Bloomberg via Getty.

Airbnb CEO Chesky Emerges as Altman Ally, Adviser

By Cory Weinberg · Nov 22, 2023 8:34am PST · 1 comment

Brian Chesky, co-founder and CEO of Airbnb. Photo by Bloomberg via Getty.

Airbnb CEO Chesky Emerges as Altman Ally, Adviser

By Cory Weinberg · Nov 22, 2023 8:34am PST · 1 comment

Silicon Valley executives and investors rushed to Sam Altman’s corner over the weekend after news of his ouster from OpenAI. Among them was Brian Chesky, the well-known co-founder and CEO of travel behemoth Airbnb, who has spent the past five days as a behind-the-scenes adviser to Altman. At one point he even acted like a media... Silicon Valley executives and investors rushed to Sam Altman’s corner over the weekend...

Sam Altman on Capitol Hill in Washington, D.C. on Sept. 13. Photo by AP.

The Unknowns Left in the OpenAI Saga; A Silver Lining in Nvidia’s Blowout Earnings

By Stephanie Palazzolo · Nov 22, 2023 8:00am PST · 3 comments

This morning, OpenAI employees, investors, customers (and exhausted tech reporters) woke up to the long-awaited news: Sam Altman’s back. The embattled CEO may have had to compromise on a few items to land his old gig back: His new board still includes Quora CEO Adam D’Angelo, who was part of the old board that fired him in the first place,... This morning, OpenAI employees, investors, customers (and exhausted tech reporters) woke up to...

Melanie Perkins, CEO of Canva. Photo by Bloomberg via Getty.

Reporter's Notebook

Canva’s Coming-Out Party at Goldman’s Private Tech Confab

By Cory Weinberg · Nov 22, 2023 6:48am PST · 5 comments

Down rounds, lackluster initial public offerings and growth slowdowns aside, an unlikely new star appeared in the startup world last week. Canva—an Australian design startup that has kept a relatively low profile despite a $25 billion–plus valuation—was the central focus of Goldman Sachs’ wooing at its annual private... Down rounds, lackluster initial public offerings and growth slowdowns aside, an unlikely new star...

Sam Altman. Photo via AP.

What Comes Next for Sam Altman’s OpenAI

By Stephanie Palazzolo, Anissa Gardizy, Kate Clark and Jon Victor · Nov 22, 2023 6:28am PST · 9 comments

Sam Altman is back as OpenAI’s CEO. Now he faces the hard part: mending the fracture that led to his ouster less than five days before—and repairing an image that had lost its shine as the corporate drama spilled into the public view. Among the most immediate challenges will be determining the role of Ilya Sutskever, the... Sam Altman is back as OpenAI’s CEO. Now he faces the hard part: mending the fracture that...

Sam Altman speaking at University College London (UCL) on May 24. Photo by Chris J. Ratcliffe/Bloomberg via Getty.

Altman Agrees to Internal Investigation Upon Return to OpenAI

By Amir Efrati, Anissa Gardizy and Erin Woo · Nov 21, 2023 10:04pm PST · 24 comments

Sam Altman speaking at University College London (UCL) on May 24. Photo by Chris J. Ratcliffe/Bloomberg via Getty.

Altman Agrees to Internal Investigation Upon Return to OpenAI

By Amir Efrati, Anissa Gardizy and Erin Woo · Nov 21, 2023 10:04pm PST · 24 comments

Sam Altman, who was fired on Friday as CEO of OpenAI and was reinstated Tuesday night after a dramatic battle with the company's board, has agreed to an internal investigation into alleged conduct that prompted the board to oust him, according to a person with knowledge of the situation. On Friday, four board directors said in... Sam Altman, who was fired on Friday as CEO of OpenAI and was reinstated Tuesday night...

Nvidia CEO Jensen Huang. Photo via Shutterstock.

Nvidia Shows, Again, Its Real AI Moneymaker

By Martin Peers · Nov 21, 2023 5:00pm PST · 3 comments

As the tech world remained riveted by the OpenAI soap opera, the real artificial intelligence money machine was demonstrating the fine art of printing greenbacks. That would be Nvidia, which reported on Tuesday that its revenue soared 206% in the October quarter, to $18.1 billion from $5.9 billion a year earlier. That’s what happens when you... As the tech world remained riveted by the OpenAI soap opera, the real artificial intelligence...

Sam Altman, OpenAI co-founder and former CEO, and Helen Toner, OpenAI Board Member. Photos via Getty. Art by Shane Burke.

Altman Argued With OpenAI Board Member Toner Before Ouster

By Natasha Mascarenhas · Nov 21, 2023 4:41pm PST · 46 comments

In the weeks leading up to his firing as OpenAI CEO, Sam Altman had a conflict with artificial intelligence researcher Helen Toner, one of the directors on the non-profit board that governs the company, according to a person familiar with the situation. Altman tried to get Toner off the board and was engaging other board members in that effort,... In the weeks leading up to his firing as OpenAI CEO, Sam Altman had a conflict with artificial...

James Hoffman. Photo by Anil Mistry.

Creator Economy

X Has its OpenAI Moment; Interview With a Coffee Influencer

By Kalley Huang · Nov 21, 2023 4:31pm PST · 1 comment

After the surprise ouster of Sam Altman from OpenAI over the weekend, X was atwitter—pun intended—with real-time updates about what was happening. Our feeds were flooded with heart emojis, cryptic messages about what’s next, posts saying “OpenAI is nothing without its people” and, of course, total speculation.“See, Twitter’s not dead,” comedian... After the surprise ouster of Sam Altman from OpenAI over the weekend, X was atwitter—pun intended...

Scott Shleifer. Photo by Bloomberg via Getty.

Tiger Global’s Private Investment Chief Shleifer to Transition to Senior Adviser

By Erin Woo and Kate Clark · Nov 21, 2023 1:29pm PST

Scott Shleifer. Photo by Bloomberg via Getty.

Tiger Global’s Private Investment Chief Shleifer to Transition to Senior Adviser

By Erin Woo and Kate Clark · Nov 21, 2023 1:29pm PST

Scott Shleifer, a key architect of Tiger Global Management’s aggressive private tech dealmaking during the 2020-2022 startup boom, will transition from his role leading private investments, the firm’s co-founder Chase Coleman told investors Tuesday. Effective January 1, Shleifer will become a senior adviser. Tiger invested at least... Scott Shleifer, a key architect of Tiger Global Management’s aggressive private tech...