In today’s headlines, the crypto world goes mad after Binance’s CZ’s shocking resignation and OpenAI shoot themselves in the foot.
Binance’s CEO and owner Changpeng Zhao, known as CZ, has resigned as part of a deal the world’s largest crypto exchange has struck with the DOJ (Department of Justice).
In short, the SEC told Binance they got too big too quickly and they did so by ignoring the laws and regulations in the US.
Having spent the last few months going back and forth, Binance finally caved in, accepted to pay a massive $4.3 billion fine and CZ’s resignation was included in the deal.
So to speak.
The crypto market tumbled in the night, which was expected, but has since recovered almost fully.
And then, in the fourth relevant bit of news in as many days, OpenAI hires back its former CEO Sam Altman.
This was such a weird move.
First, the Board of Directors of OpenAI ousted Altman, citing dishonesty as the main reason for their decision.
And I’m not paraphrasing, either. In the statement they released, the Board literally used the word ‘honest’ when referring to Altman’s communications with the board.
Less than 24 hours, they realised they’d made a business mistake as 505 (!) employees threatened to leave the company, so they tried to hire Altman back.
But it was too late, because both him and Greg Brockman, also from OpenAI, had already joined Microsoft.
So OpenAI hired Twitch founder Emmett Shear to replace Altman as ‘interim’ CEO.
So it was too late, except it actually wasn’t.
Again less than 24 hours after that, Altman rejoined OpenAI, again as its CEO.
You can’t make this stuff up.
This article was crossposted on Publish0x.
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