OpenAI strategies to exchange its shares at a whopping US$86 billion valuation

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What's New Today:  Nokia to slash 14,000 jobs amid falling profits

Fast-Track Insights: Binance regains euro services after partnering with new fiat providers

OpenAI, a Microsoft-backed AI company, is discussing with possible investors to sell shares to current employees for an estimated US$86 billion. According to the source, the agreement's parameters are still being negotiated and may be altered. According to the Wall Street Journal, the ChatGPT manufacturer reportedly wanted to sell shares at a worth of high to US$90 billion last month. The corporation sold US$300 million worth of shares earlier this year for a US$30 billion valuation. The business is on track to produce US$1 billion in revenue annually as ChatGPT helped spread the development of generative AI technology while significantly increasing the valuation of the AI startup.

In a statement on October 19, Nokia stated that it had decided to decrease its cost base and improve operational efficiency. The program is anticipated to result in an organization with 72,000–77,000 people as opposed to the 86,000 employees Nokia now has. After third-quarter revenues fell sharply, Finnish telecommunications announced plans to lay off up to 14,000 jobs. Net sales for the company fell by 20% year over year to 4.98 billion euros, and profit for the quarter fell by 69% year over year to 133 million euros.

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Binance, a cryptocurrency exchange, has announced that it has added new partners to handle deposits and withdrawals in euros after parting ways with its previous fiat partner PaySafe in September. Binance disclosed in a statement on October 19 that it had signed contracts with additional fiat partners for euro payments, deposits, and withdrawals. The action followed regulatory and debunking issues in the European Union, where the company was compelled to hunt for new banking partners after losing the support of PaySafe in September.