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Microsoft Stock Reaches A Record High After Declaring The Joining Of Sam Altman
On Monday, Microsoft stock reached its all-time high. This happened after the company declared that it was hiring Sam Altman (the former CEO of OpenAI) and Greg Brockman (the co-founder of OpenAI). Both individuals will join the company to lead a new advanced AI innovation wing.
Microsoft Stock rose by 2.1% to an all-time high of $377.44. The previous record was $376.17. However, the value of shares fell by 1.7% on Friday after the firing of Sam Altman from OpenAI. This is because Microsoft is the biggest stakeholder in OpenAI, as it has a $13 billion investment in the company.
Greg Brockman, the co-founder of OpenAI, is also joining Microsoft after he quit the company after the firing of Altman.
The board of directors of OpenAI fired Sam Altman in a Google Meet boardroom video call. Many experts and analysts speculated the former CEO of OpenAI will make a return on the company. Currently, Mira Murati, the CTO of OpenAI, is the interim CEO of the company.
The CEO of Amazon-owned Twitch, Emmet Shear, will replace Mira Murati in a few days.
According to CNBC,
?Just hours after, Nadella announced that Altman and Brockman ? who was removed from his role as chairman on Friday alongside Altman, and later quit the company altogether ? would be absorbed in-house into the Microsoft team. Nadella said Sunday night he was looking forward to getting to know Shear and OpenAI?s new leadership team.?
Regarding the firing of Sam Altman, Nadella said that things need to change around the governance at OpenAI. However, he dismissed any concerns of long-term damage to the company. Microsoft will still continue its AI research with OpenAI.
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