⌨Sam... Control, Altman, Delete... Those Board Members

Welcome to the Thursday Newsletter, where we cover top industry news stories to keep you in the know.

Happy Thanksgiving. Whether you’re gathering for Friendsgiving, travelling to see family, battling for the Fam’s Turkey Bowl trophy, or watching A Charlie Brown Thanksgiving, we want you to know how valued you are as a One Revere reader.

We do this newsletter thing twice a week because you continue to share it and it continues to grow. Thank you for all that you do to keep this train pushing forward. Let’s get into it.

_{-Bailey Hepler}

TECH

Sam… Control, Altman, Delete… Those Board Members

You have just been fired from the company you founded. Feeling confused and angry, you receive an offer from the company that owns 49% of your former company. They want to bring you on board as the head of their A.I. department, and you agree. However, before you can finalize this new job offer, all 800 employees of the company that fired you sign a petition. They state they will resign if you are not immediately rehired as CEO. Faced with no other choice, the company complies with their demands. You're reinstated as CEO, and you decide it's time to revamp the board of directors.

This is the story of Sam Altman’s roller coaster week.

The Timeline of Events.

Friday, November 17: Altman stepped down as CEO following a board review, which cited a lack of candor in his communications. Mira Murati was appointed as interim CEO. Altman's exit led to Greg Brockman, OpenAI's president and co-founder, quitting in protest.

Sunday, November 19: Emmett Shear, former Twitch CEO, replaced Murati as interim CEO. Microsoft announced hiring Altman to lead a new AI department, alongside Brockman and other ex-OpenAI employees.

Monday, November 20: Nearly all 800 OpenAI employees signed a letter demanding the board's resignation and Altman's reinstatement, threatening to join Microsoft's new AI team.

Tuesday, November 21: Altman reached an agreement to return as CEO. The deal involved reconfiguring OpenAI's board, with new members including Bret Taylor, Larry Summers, and Adam D'Angelo.

Big Picture.

This tumultuous period at OpenAI highlights the intense dynamics within the AI industry and the significant influence of key individuals like Altman. His return, backed by Microsoft's Satya Nadella, suggests a reinforced partnership between OpenAI and Microsoft. The restructured board aims to provide more stable and effective governance, marking a new chapter for OpenAI under Altman's leadership.

TECH

Binance Faces Record $4.3 Billion in Fines Amidst CEO's Departure

What a wild week for tech CEO’s. Binance, the world's largest cryptocurrency exchange, has been hit with a staggering $4.3 billion in fines, marking the largest penalty in the history of the U.S. Treasury Department. This development comes as the company's CEO, Changpeng Zhao, steps down following guilty pleas to violations of the Bank Secrecy Act and other charges.

The Charges.

• "Consistent and egregious violations" of U.S. anti-money laundering and sanctions laws.

• Zhao also pleaded guilty to failing to maintain an effective anti-money laundering program. As part of the settlement, Zhao agreed to a personal fine of $50 million and announced his resignation as CEO.

• "Willfully failed to report" over 100,000 suspicious transactions involving sanctioned groups and countries, including Hamas and North Korea.

Big Picture.

This settlement comes amid a challenging period for the crypto world, which has seen the collapse of major exchanges. However, the price of Bitcoin has risen in the past year. The guilty pleas of Zhao and his rival, Sam Bankman-Fried, underscore the government's intensified crackdown on white-collar cryptocurrency crime.

MARKETING

Snoop Dogg Gives Up Smoke… just read

A Masterful Play on Words

Snoop Dogg, the 52-year-old superstar rapper, played a clever prank on the world, which has turned out to be a lucrative marketing strategy. Initially, Snoop Dogg announced his plan to "give up smoke," leading many to believe he was quitting smoking weed, a habit he's famously known for. However, this announcement was actually a play on words and part of a larger marketing campaign.

The Smoke-Free Fireplace Reveal

In reality, Snoop had collaborated with Solo Stove company to create his own smoke-free outdoor fireplace, which has now sold out in the U.K. Priced at $349.99 in the U.S., the fire pit features Snoop's initials and an etching of fire on the frame. In the U.S., it also comes with a limited edition bucket hat and stickers. Snoop clarified his initial statement in a follow-up social media video, revealing that he was referring to a literal smokeless fireplace, not giving up smoking weed.

The Impact of the Campaign

The campaign had a significant impact, with weed stocks falling in value the day after Snoop's initial announcement. The reveal video shows Snoop laughing and toasting a marshmallow in the fire, highlighting the humorous nature of the campaign. The prank even influenced fellow rapper Meek Mill, who, inspired by Snoop's original post, planned to give up marijuana as well, citing health reasons.

ENVIRONMENT

America's First Carbon Removal Facility

Heirloom, a company in Tracy, California, has opened the first commercial direct air capture (DAC) plant in the U.S. This facility uses a novel method involving limestone to absorb carbon dioxide directly from the air and store it in concrete, effectively reducing atmospheric carbon levels.

Ambitious Scaling and Support. 

The current capacity of the facility is to absorb 1,000 metric tons of CO2 per year, with a goal to scale up to remove 1 billion tons by 2035. This expansion is supported by significant investments from tech companies like Microsoft and a substantial pledge from the Frontier fund.

Challenges and Ethical Commitment. 

Despite the high costs and energy demands of DAC technology, Heirloom is committed to using renewable energy and ethical practices, including a pledge not to accept investments from oil and gas companies. The company faces the challenge of scaling up its technology to make a meaningful impact on global carbon levels.

THURSDAY SHORTS

• An NBC News poll says more than half American voters own or someone in their household owns a gun, which marks a record high.

• Disney is investing $60 billion over a decade to expand and improve its theme parks and cruise offerings, aiming to boost visitor numbers following a downturn in U.S. theme park attendance during peak summer months.