Investors of OpenAI are pushing to bring back Sam Altman as CEO, following his ousting by the board. Brad Lightcap addressed the decision in a memo to employees, assuring them that the company remains in a strong position and that the decision was not due to any malfeasance. Microsoft, Tiger Global, Thrive Capital and Sequoia are among the top backers that are part of the effort to reinstate Altman and Greg Brockman, with Sequoia supporting them in whatever they choose to do next.
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Open AI, the company behind ChatGPT, has announced the sudden departure of CEO Sam Altman due to a lack of "consistently candid" communication with the board. COO Jack Lightcap has commented that the board's decision was a surprise and that Microsoft remains a committed partner of Open AI. Altman has been removed from the board and his role as CEO, and the board has yet to announce a replacement.
The United Auto Workers union has ratified a new contract with General Motors, making it the first Detroit automaker to get a ratified deal that could end a lengthy labor dispute. The agreement includes wage increases, improved job security, and a pathway to permanent employment for temporary workers, as well as a $11,000 signing bonus and a commitment from GM to invest $7.7 billion in U.S. plants over the next four years. The ratification of the deal came under doubt Wednesday morning, but a swing in voting results in favor of the deal gave the agreement a much needed lifeline. The new agreement is expected to bring stability to the auto industry and set a new standard for the industry.
Anheuser-Busch, the world's largest beer company, has announced that its U.S. Chief Marketing Officer Benoit Garbe will be leaving the company at the end of 2023. U.S. Chief Commercial Officer Kyle Norrington will take charge of marketing activities in the wake of Garbe's departure, and other sales leaders will report directly to CEO Brendan Whitworth. Garbe joined Anheuser-Busch in 2021 and is looking forward to "embarking on a new chapter in his career." The company hopes the leadership changes will help them regain their position as the top beer brand in the country.
U.S. President Joe Biden and Chinese President Xi Jinping are set to meet face-to-face at the Asia Pacific Economic Cooperation Summit in San Francisco on Wednesday. President Biden referred to Xi Jinping as a "dictator", which angered Chinese officials. The meeting is a chance for the two leaders to discuss their differences and find common ground, as the two countries have had a strained relationship in recent years.
Former President Donald Trump's social media platform, Truth Social, has suffered a net loss of over $73 million since its launch in February 2021. The filing raises serious doubts about the platform's viability, with independent accountants indicating that the company's financial condition raises substantial doubt as to its ability to continue as a going concern. The platform has faced criticism for its lack of user engagement and its failure to attract a large user base, raising questions about its future and whether it can turn its fortunes around.
The U.S. Bureau of Labor Statistics released a report Tuesday showing that inflation eased in October, with prices remaining unchanged from September. Gasoline prices declined, helping to cool overall inflation, which was down from 3.7% in September to 3.2% compared to a year ago. The Federal Reserve's interest rate hikes are having a positive effect on consumer prices, providing good news for consumers.
Key takeaways: Financial firms on Zelle have begun reversing transfers their customers made to scammers. The reversal of transfers is being handled by Early Warning…