Sam Altman Out of OpenAI...Or is he? | Zazuu shuts down | Pricepally $1.3m raise

ARTIFICIAL INTELLIGENCE

Sam Altman fired on Friday; Mira Murati interim CEO. However, OpenAI reportedly considering reinstating him

🎢 It has been a rollercoaster weekend of Sam Altman, former OpenAI CEO. News broke on Friday that he was fired from his CEO position and that the chief technology Officer, Mira Murati was taking over. The board said that it conducted “a deliberative review process” and “concluded that he was not consistently candid in his communications with the board, hindering its ability to exercise its responsibilities.”

The OpenAI board also said that the firm’s president Greg Brockman “will be stepping down as chairman of the board and will remain in his role at the company, reporting to the CEO.”

Shortly after Altman’s firing, several senior staffers including former Chairman and President Greg Brockman, Director of Research Jakub Pachocki, Head of Preparedness Aleksander Madry and Senior Researcher Szymon Sidor tendered their resignations in protest.

Numerous additional OpenAI staffers were set to quit in solidarity at that meeting. They’re reportedly willing to follow Altman, a la Jerry Maguire, to a new AI startup venture, should he decide to launch one.

In light of this development, sources close to Altman say that the board itself, in a stunning reversal, have “agreed in principle” to resign while reinstating him to his former position. However, the board has since reportedly missed a 5pm PT deadline regarding the decision.

 We await further development……

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INVESTMENTS 

inDrive launches new ventures and M&A arm to invest $100M in startups across emerging markets 💰

inDrive has announced launching a new venture and merger and acquisition arm named New Ventures which arms to invest up to $100 million in promising startups within emerging markets over the next few years. Seasoned entrepreneur and investment professional Andries Smit joins inDrive as Vice President of New Ventures.

inDrive, the world’s second-largest ridesharing app, which originated in Russia and is now based in the U.S., will be targeting startups from regions where it already has a presence, like Latin America, the Middle East and Africa, Southeast Asia and Central Asia. The company has expanded beyond ride-hail and into intercity transportation, freight delivery, task assistance, courier delivery and employment search.…..read more

Pricepally raises $1.3 million in a seed funding round to expand in Nigeria

Pricepally, a Nigerian wholesale e-commerce platform, has secured $1.3 million in a seed funding round to expand into more cities in Nigeria. The round was backed by Samurai Incubate, an Asia-based VC, SOSV, ELEA, Hi2 Global, Chui Ventures and ex-Unilever executive David Mureithi. Samurai Incubate was one of the companies that led an undisclosed six-figure pre-seed investment round in 2021…….read more

STARTUPS 

Zazuu, Africa-Focused Fintech, Shuts Down Amid Funding Challenges 📉

London-based fintech startup Zazuu, dedicated to the African market, has officially ceased operations due to its inability to secure additional funding.

Despite raising $2 million in June 2023 to enhance its cross-border payment services and develop an unbiased payment platform, the startup faced difficulties in sustaining its growth ambitions. It, however, acknowledged exploring all options before arriving at this difficult choice.

Zazuu started as a chatbot providing daily FX rates on Facebook and Telegram before evolving into a licensed organisation in the UK, serving users across North America and Europe.

The platform aimed to offer transparency in remittance services, empowering users to find the best rates for their transactions. The startup’s closure sheds light on the complexities of navigating the remittance landscape in sub-Saharan Africa.…..read more

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SOCIAL MEDIA

Companies pull ads from X due to Elon Musk’s endorsement antisemitic conspiracy theories

Elon Musk may have put the final nail in X’s coffin. X, formerly known as Twitter, has lost another major advertiser—this time, it’s Disney. The entertainment giant is another in a string of major companies to have pulled ads from X after owner Elon Musk endorsed antisemitic conspiracy theories on his platform.

As of Saturday, Nov. 18, here is a running list of every major brand and company that has pulled ads from X: Apple, Comcast/NBCUniversal, Disney, European Union, IBM, Lionsgate Entertainment, Paramount Global, and Warner Bros. Discovery. Even the White House accused Elon Musk of repeating a “hideous” antisemitic lie on his social media site X, calling it an “abhorrent promotion of antisemitic and racist hate” that “runs against our core values as Americans.”

Musk agreed to claims that “Jewish people are replacing whites with immigrants from minority groups.” He then doubled down by attacking the Anti-Defamation League, accusing the organization of “refusing to criticize the minority groups who are their primary threat.”…..read more

Bluesky hits 2 million users

“It’s skeet, not a tweet! Following Elon Musk’s acquisition of Twitter, Bluesky has emerged as a potential alternative for many users. Now, a year after its first-ever post, the platform has reached a milestone of 2 million users.” Bluesky is the internet’s buzziest social media platform — but you need an invite to get a look at it. While that’s nowhere near the numbers Threads has already reached, it’s still a big accomplishment for the X rival that only opened the app to users in February and still requires an invite for access……read more