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The global crypto market cap is $1.08 trillion with a 24-hour volume of $39.41 billion. The price of Bitcoin is $28,533.58 and BTC market dominance is 51.3%. The price of Ethereum is $1,554.90 and ETH market dominance is 17.2%. The best performing cryptoasset sector is Cannabis, which gained 72%.
OpenAI has secured the most funding of any AI company this year.
Cover art/illustration via CryptoSlate
Artificial intelligence (AI)-focused startup OpenAI’s valuation could soon soar to as much as $86 billion as the company is reportedly planning to conduct a tender offer allowing its current employees to sell their shares, Bloomberg reported on Oct. 19.
A tender offer allows employees and existing company shareholders to convert their holdings into cash. An Elon Musk-led company, SpaceX, notably executed a similar offer in June, taking its valuation to around $150 billion.
For OpenAI, this move marks another milestone in its remarkable ascent. The company’s valuation has more than doubled in just two years, reaching $30 billion from the $14 billion valuation in 2021. If it successfully raises the new funding, its valuation would surpass storied financial companies like Stripe while remaining behind Musk’s SpaceX and TikTok parent ByteDance.
OpenAI has yet to respond to CryptoSlate’s request for comment as of press time.
CryptoSlate reported that OpenAI has secured the most funding of any AI company this year. The AI company had received a $10 billion investment from Microsoft earlier this year before getting an additional $300 million in funding from venture capital firms like Sequoia Capital, Andreessen Horowitz, and others.
The substantial funding injection was primarily driven by the remarkable performance of OpenAI’s AI-powered ChatGPT, which emerged as a standout innovation in the previous year. ChatGPT generates responses based on written prompts, demonstrating sophistication and creativity far surpassing conventional chatbots.
This success paved the way for competing products such as Anthropic’s Claude and Google’s Bard. Nevertheless, OpenAI’s ChatGPT maintains its dominant position as the industry leader as it is actively developing new products and introducing features to remain at the top.
Besides that, the company is also on track to generate $1 billion in annual revenue as more businesses adopt its technology.
Meanwhile, despite its recorded success, OpenAI’s leadership has reportedly maintained that the company has no plans to go public soon.
Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
Also known as “Akiba,” Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
Samuel Harris Altman is the current CEO of OpenAI, an AI research and deployment company.
OpenAI is an AI research and deployment company committed to ensuring that general-purpose artificial intelligence helps all of humanity.
Anthropic is a US-based artificial intelligence (AI) startup and public-benefit corporation founded by former members of OpenAI in 2021.
Google’s Bard is a conversational artificial intelligence chatbot based on the LaMDA family of big language models.
Microsoft is an American multinational technology company that develops, licenses, and sells computer software, consumer electronics, and personal computers.
The main witnesses for the day were Professor Peter Easton, an esteemed accounting expert from the University of Notre Dame, FBI accountant Paige Owens, and a former FTX employee, Eliora Katz.
The SEC chair declined to comment on specifics but acknowledged the many applications working their ways through the system.
The Galaxy Digital CEO said the SEC’s declination to appeal in its case against Grayscale could signal a decisive shift in its approach.
The once-revered FTX founder won admiration and trust of countless peers with a facade of virtue signaling and projected altruism before the illusion was shattered.
Compulsory process threat looms over SEC chair Gensler in intensifying oversight dispute with House committee.
Unverified rumors of BlackRock’s Bitcoin ETF approval generate market volatility while SEC postpones final verdict.
Tech giants may be forced to disclose when customers rent large amounts of power if the order materializes.
The once-revered FTX founder won admiration and trust of countless peers with a facade of virtue signaling and projected altruism before the illusion was shattered.
The move aims to bolster consumer protections in a market plagued by recent significant hacks on platforms like Axie Infinity, Crypto.com, and FTX.
Disclaimer: By using this website, you agree to our Terms and Conditions and Privacy Policy. CryptoSlate has no affiliation or relationship with any coin, business, project or event unless explicitly stated otherwise. CryptoSlate is only an informational website that provides news about coins, blockchain companies, blockchain products and blockchain events. None of the information you read on CryptoSlate should be taken as investment advice. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own diligence before making any investment decisions. CryptoSlate is not accountable, directly or indirectly, for any damage or loss incurred, alleged or otherwise, in connection to the use or reliance of any content you read on the site.
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