Weeks before the shocking news spread outside OpenAI, Former CEO Sam Altman was reportedly raising billions for a new chip venture.
Read Also: OpenAI's Sam Altman: Achievements, Contributions, and Net Worth
OpenAI's 'Tigris' Project
Reports revealed that Altman has been doing negotiations in the Middle East fundraising for the project, codenamed Tigris. According to people familiar with the situation, the former CEO is developing an AI-focused chip company to provide semiconductors, potentially rivaling Nvidia.
The chip venture was still in its early stages and was far from materializing as Altman was still in talks with investors. In addition, he was also raising money for the AI-focused hardware device in collaboration with former Apple design chief Jony Ive.
These ventures were previously detailed and offered to Softbank, Saudi Arabia's Public Investment Fund, Mubadala Investment Company, and more. Altman was seeking tens of billions of dollars from these companies to fund the projects.
OpenAI's Investors Focus on Damage Control
After the shocking move by the board, investors of the company, including Microsoft, have been working on the possible damage control. This includes the possibility of Altman rejoining the company as CEO or facing a mass exodus of talent without him. Meanwhile, some investors have pledged their support for the former CEO and his endeavors.
To be clear, Khosla Ventures wants @sama back at @OpenAI but will back him in whatever he does next
— Vinod Khosla (@vkhosla) November 19, 2023
Microsoft holds the half majority of the company with 49%. Meanwhile, investors and employees share the other 49% and the remaining 2% is owned by OpenAI's nonprofit parent.
Several current and former employees are now worried about the upcoming $86 billion share sale after the board ousted Altman. While the board is still under pressure to reinstate the former CEO, there is also a possibility that the board will resign.
In a staff memo, chief operating officer, Brad Lightcap detailed that the decision was "not made in response to malfeasance or anything related to our financial, business, safety, or security/privacy practices."
Related Article: OpenAI's CEO Sam Altman Steps Down Due to Lack of Confidence From the Board
