OpenAI, an AI startup supported by Microsoft, is in talks with potential investors to sell shares to current employees for an estimated US$86 billion after partnering with new fiat providers. The insider claims that the terms of the agreement are still being worked out and could change. The Wall Street Journal claims that last month, the ChatGPT maker sought to sell shares for as much as US$90 billion. Earlier this year, the company sold $300 million worth of shares for a US$30 billion valuation. As ChatGPT helps spread the development of generative AI technology while considerably raising the valuation of the AI firm, the business is on track to generate US$1 billion in revenue yearly.
On October 19, Nokia said that it has made the decision to lower its cost base and increase operational effectiveness. The program is expected to produce an organization with 72,000–77,000 employees, as opposed to Nokia’s current 86,000 employees. Up to 14,000 job cuts were planned by Finnish telecoms following a steep decline in third-quarter revenues. The company had a 20% year-over-year decline in net sales to 4.98 billion euros, and a 69% year-over-year decline in profit to 133 million euros during the quarter.
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After splitting with its previous fiat partner PaySafe in September, the cryptocurrency exchange Binance has announced that it has enlisted new partners to handle deposits and withdrawals in euros. On October 19, Binance announced in a statement that it had agreements in place with more fiat partners for deposits, withdrawals, and payments in euros. The move came after the company lost PaySafe’s support in September and was forced to look for new banking partners in the European Union due to regulatory and debunking difficulties.
