☕️ Silicon Valley power struggle
The Sam Altman saga at OpenAI has shocked the tech world
Boardroom coups happen all the time in business. But when the coup involves the removal of the CEO of a US$90 billion company, which is behind the fastest growing piece of software in history, and operates in an area that could create ‘catastrophic risks’ for humanity, people tend to sit up and take notice.
And so it was this weekend with the Sam Altman saga at OpenAI, the nonprofit behind ChatGPT, sending shockwaves throughout Silicon Valley and beyond.
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GQG Partners was one of the standout gainers on Friday after the Florida based global equities manager abandoned plans to acquire ASX-listed allocator Pacific Current - a shareholder in GQG that was previously being eyed by Phil King’s Regal Funds Management.
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The quick sync
Top Australian VCs were stunned by Sam Altman’s OpenAI firing as staff push for return (Capital Brief)
Sam Altman’s Open AI firing could change the big tech pecking order and threaten Microsoft’s lead in AI (Capital Brief)
Elon Musk has launched a ‘thermonuclear’ lawsuit against a US media watchdog group (CNBC)
Indian PM Modi has sent the country’s cricket team a message of solidarity after its defeat to Australia in the World Cup final (Times of India)
Hamish McLennan has been ousted as chair of Rugby Australia (ABC)
Australian house prices are again on the brink of setting fresh record highs (Capital Brief)
EQT eyes more buying opportunities in the Australian market amid soft economic conditions. (The Australian)
UniSuper, the largest shareholder in the Victorian desalination plant, is reportedly looking to sell its over 30% stake in the plant. (AFR)
Roc Partners gets an early look at Mainland Poultry amid PEP competition. (The Australian)
Transurban eyes Denver toll road as DIF Capital seeks exit. (AFR)
Bill Beament's Develop Global eyes lithium amid Essential Metals acquisition. (The Australian)
Origin Energy control battle hinges on passive index funds. (AFR)
Origin Energy will pursue green goals if the $20bn Brookfield bid fails. (SMH)
Ebos weighs Greencross acquisition; Wesfarmers deems it financially unviable. (The Australian)
Tattarang acquires iconic hatmaker Akubra, expanding its presence in Australian fashion. (SMH)
Fuse Minerals gets approval for IPO, eyes ASX listing before Christmas with a goal to raise $10m for exploration. (AFR)
Indicative bids to provide Whitehaven with US$900m in bridge funding for its BHP coal assets acquisition are due by month end. (Capital Brief)
Private credit funds are moving into small business lending as big banks retreat. (Capital Brief)