Finance

OpenAI CEO comes to the rescue of ‘start-ups’

FINANSGUNDEM.COM – FOREIGN NEWS SERVICE

OpenAI CEO Sam Altman, one of the people behind ChatGPT, has six-figure support for start-ups after SVB’s bankruptcy.

Finansgundem.comAccording to the information compiled by SVB, support is pouring in from many places for start-ups, which are in a very difficult situation after the bankruptcy of SVB.

Whenever you want, then send

According to Insider’s Aaron McDade, OpenAI CEO Sam Altman said: Silicon Valley BankAfter its collapse, it sent six-digit startup loans to startups that needed it.

ChatGPT’the company behind OpenAISam Altman, CEO of Silicon Valley Bank, reportedly sent money to startups that wanted to survive after the collapse of Silicon Valley Bank.

Rad AI CEO, Doctor Gurson, responded to Altman’s email within an hour or two, saying that he offered at least a six-digit emergency fund to pay his employees, and that he would only reimburse Altman when possible.

Sam Altman’s brother, Jack Altman, in a tweet he shared “Sam sends money to struggling startups today and simply says, “Whenever you can afford it, send it back to me.” What a legend!” says.

It’s raining support

Altman is one of several technology executives to offer assistance to startups affected by the fall of the SVB, which was shut down by regulators on Friday amid falling stocks and a series of headwinds. The SVB’s bankruptcy is considered the second largest bank collapse in the US since the 2008 Financial Crisis.

a fintech startup brex announced on Friday that it will offer emergency lines of credit to new startups, and the company’s CEO, Henrique Dubugras, said: Reutersabout this weekend Over $1.5 billion from 1,000 companies Said they got support.

Altman encouraged investors to provide emergency funds unconditionally to start-ups, in a tweet he shared shortly after the SVB collapsed on Friday. Altman to Reuters “Even if SVB can’t find a buyer or a loan over the weekend, most of the money that start-ups have on deposit will be given to them. But meanwhile, people are facing a real liquidity crunch, through no fault of their own, and employees need to be paid.” he said.

Altman has not disclosed the exact amount it has given to Rad AI or other startups, but told Gurson Reuters, Altman’s own initiative and others. at least $1 million stated that he did.

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