Sacked OpenAI CEO Sam Altman Joins Microsoft After Declining Rehire Offer; What Is His Net Worth
|Sources of income
|April 22, 1985
|United States of America
What is Sam Altman's Net Worth?
Entrepreneur, programmer, investor and blogger Sam Altman has an estimated net worth of $500 million, per Celebrity Net Worth. Altman is best known as the co-founder and former CEO of the artificial intelligence research laboratory OpenAI, which is the parent creator of ChatGPT.
Last week, OpenAI sacked Sam Altman as the CEO of the company claiming the "board lost confidence in his ability to lead". Hours later, fellow co-founder Greg Brockman also announced his resignation, sending ripples through the tech world.
OpenAI emphasized that Altman's departure came after a deliberate review process by the board, which concluded that he was not consistently candid in his communications with the board, which “hindered its ability to exercise its responsibilities", per reports.
Altman reacted to the decision and said it was a "weird experience" for him. He thanked his colleagues saying he had a great time working with talented people, and described his experience at the company as "transformative".
i love you all.— Sam Altman (@sama) November 18, 2023
today was a weird experience in many ways. but one unexpected one is that it has been sorta like reading your own eulogy while you’re still alive. the outpouring of love is awesome.
one takeaway: go tell your friends how great you think they are.
Events after Sam Altman was sacked
One day after Altman was sacked, the board got into discussions with him about bringing him back as the CEO, The Verge reported. Reportedly, there was pressure from the investors and executives to bring Altman back. Sam Altman also met the board to reportedly discuss his return. He also tweeted an image of himself holding the guest ID card.
first and last time i ever wear one of these pic.twitter.com/u3iKwyWj0a— Sam Altman (@sama) November 19, 2023
However, The Information later reported that the discussions to bring Altman back had fallen apart Sunday. It further said that the former CEO of Amazon-owned streaming platform Twitch, Emmett Shear, will be the new interim CEO of OpenAI.
In a dramatic development, Microsoft CEO Satya Nadella announced Monday that both Altman and his associate Greg Brockman will be joining Microsoft to lead a new advanced AI research team. Nadella also confirmed Emmett Shear's appointment as the new OpenAI CEO.
We remain committed to our partnership with OpenAI and have confidence in our product roadmap, our ability to continue to innovate with everything we announced at Microsoft Ignite, and in continuing to support our customers and partners. We look forward to getting to know Emmett…— Satya Nadella (@satyanadella) November 20, 2023
The board appointed Emmett Shear as the interim CEO succeeding Mira Murati, who was chosen for the position Saturday. This marked the third change in CEO leadership within a span of three days. OpenAI board director Ilya Sutskever revealed the same to the staff.
Sam Altman’s Sources of Income
Career as an Entrepreneur
Altman attended Stanford University, where he studied computer science but he dropped out in 2004. At the young age of 19, Altman co-founded the company Loopt and became its CEO. Loopt offered a geo-social networking mobile application. The company raised over $30 million in venture capital but it was shut down in 2012 after it failed to gain traction. It was subsequently purchased by Green Dot Corporation.
In 2011, Altman became a part-time partner at Y Combinator, a technology start-up accelerator. Y Combinator has helped 3,000 companies, such as Airbnb, Dropbox, DoorDash, Reddit, and Twitch. In 2014, Altman became the new president of the company, and in his first round of investments, he included his company Loopt.
He also started a new deal for startups, offering $150,000 for 7% equity, per Celebrity Net Worth. In 2015, Altman created YC Continuity, a $700 million growth-stage equity fund that invests in the companies of Y Combinator. He also founded Y Combinator Research, a non-profit research lab focusing on researching education, basic income, the future of computing, and more.
In 2016, Altman became the president of YC Group and later transitioned to the position of chairman so that he could focus more on his other company, OpenAI. Today, Altman is no longer associated with the company.
Career with OpenAI
With Elon Musk and several other investors, Altman announced the establishment of OpenAI in December 2015. He pledged over $1 billion to its operation which included for-profit corporation OpenAI LP and the nonprofit OpenAI Inc., its parent company. OpenAI conducts research in the sphere of artificial intelligence to promote and develop friendly AI that will prove beneficial to all of humanity.
In 2020, OpenAI announced the creation of GPT-3, a language model that automatically produces human-like text by assimilating trillions of words from the Internet and translating between different languages. In 2022, an AI model was launched as an AI chatbot called the ChatGPT.
The product launch generated 100 million users in its first two months and brought in $17.9 billion in AI funding in Silicon Valley, according to Bloomberg. In 2023, OpenAI raised money from Microsoft in a private funding round which valued the company at $29 billion. Microsoft integrated ChatGPT into its Bing search results. This year, GPT-4 was launched. Altman has drawn criticism from the skeptics of AI.
Other Ventures and Angel Investing
Altman is also a major angel investor, and he has invested in major companies such as Airbnb, Reddit, Pinterest, Asana, Teespring, Vicarious, Instacart, Soylent, Stripe, and Verbling. He also served as the CEO of Reddit for eight days in 2014 and as the chairman of the board for the nuclear energy companies Oklo and Helion.
Real Estate Assets
Altman owns a massive ranch in Napa with his partner Oliver Mulherin. The couple uses the ranch as a weekend retreat. Altman also purchased a $27 million home in the upscale San Francisco neighborhood Russian Hill, per NY Mag.
Altman is openly gay and he dated Loopt co-founder Nick Sivo for nine years. The two broke up shortly after Loopt was acquired in 2012. Altman is currently in a relationship with Oliver Mulherin, an Australian software engineer.
Dinner guests included OpenAI CEO Sam Altman and his partner Oliver Mulherin, fashion designer Ralph Lauren and his wife Ricky, and filmmaker M. Night Shyamalan and his wife Dr. Bhavna Shyamalan. pic.twitter.com/WL1SfSj70X— CGTN America (@cgtnamerica) June 23, 2023
How old is Sam Altman?
Sam Altman is 38 years old.
Is Sam Altman abillionaire?
No, Sam Altman has an estimated net worth of $500 million.
What is Sam Altman doing now?
Microsoft CEO Satya Nadella announced on Monday that Sam Altman will be joining Microsoft to lead a new advanced AI research team.
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