What's New Today: Report: Microsoft Adds $10 Billion To Invest in ChatGPT Maker OpenAI
Fast-Track Insights: Crypto Billionaire Arthur Hayes Believes Bitcoin Will 'Crash Back Down', If This Happens – Here's What You Should Know
During a tense moment in Elon Musk's testimony on Monday, a lawyer for a group of shareholders who are suing him accidentally called him "Mr. Tweet." The mistake was referred to as a "Freudian slip" by the lawyer Nicholas Porritt, but Musk joked that it was "probably an accurate description." As of late last year, Musk, the platform's CEO and owner, has never shied away from using it. In actuality, Musk and Porritt spoke during a trial initiated by Tesla shareholders who have charged Musk with tweeting securities fraud. The shareholders specifically charge Musk with illegally manipulating the price of Tesla's stock when he tweeted in 2018 that he was thinking about taking Tesla private at $420 per share with "funding secured."
Microsoft Corporation is investing $10 billion in OpenAI, the ground-breaking artificial intelligence research facility behind ChatGPT and DALL-E, over a number of years. The announcement comes less than a week after the business announced it would be letting go of 10,000 employees due to slowing demand for software. Microsoft stated in that announcement that it would continue to hire and invest in its top priorities. The software developer releases financial results for the second quarter. Microsoft did not reveal the amount of its investment on Monday, but a source familiar with the matter claimed that it amounts to $10 billion over several years. According to a statement from OpenAI, the investment from Microsoft "will enable us to continue our independent research and develop AI that is increasingly safe, practical, and potent."
According to Bloomberg, Sundar Pichai, the CEO of Alphabet, defended the company's decision to fire 12,000 workers, telling staff that the move was necessary to avert "much worse issues." In an internal meeting, Pichai stated that he had discussed the decision to lay off 6% of the workforce with the company's founders and board. The decision was made as the company's growth had slowed, he continued, and the company ran the risk of exacerbating the issue if it hadn't acted swiftly. Sundar Pichai, CEO of Google, said, "I understand you are concerned about the future of your work. He added that those who are outside of the US will experience anxiety. He added, "I'm also very sad for the loss of some really good colleagues across the company."
For the first time in months, a digital asset wallet connected to one of cryptocurrency's largest hacks moved more than $150 million of stolen funds to access a trade involving staked Ether. The blockchain data that showed the money was changed into staked Ether and then wrapped staked Ether, tokens that are supported by the Lido decentralised finance platform, was discovered by the cryptocurrency community on Monday. The information indicates that the hacker used the wrapped staked Ether as security to obtain a $13 million loan in the DAI stablecoin, which was then used to purchase additional staked Ether. The trades were then carried out again by the exploiter. Staking entails receiving rewards by securing ETH to support network security.
Bitcoin may lose all of its recent gains, according to crypto billionaire and former CEO of BitMex Arthur Hayes, if the Federal Reserve does not change its monetary policy. Hayes wrote about inflation and how it might affect the cryptocurrency market in a blog post on January 19. The billionaire noted that the CPI figure has kept moving down in the direction of the 2 percent target since peaking at around 9 percent in mid-2022. Investors anticipate the Fed to reduce rate increases as inflation declines, especially to prevent a recession, according to Hayes. They contend that our esteemed Lord Powell is looking for any chance to change course from his current Quantitative Tightening (QT) policies, the author continued.
Join our WhatsApp Channel to get the latest news, exclusives and videos on WhatsApp
_____________
Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.