🥾 Ousta la vista, baby
Gooood mornin’ !! ☀️
Sam Altman Fired,
Binance CEO Resigns,
and a Ceasefire in Gaza
Image courtesy of Elizabeth Frantz/Reuters
Ousta La Vista, Baby 🥾
Last Friday, Sam Altman, the co-founder and now former CEO of OpenAI, the parent company of ChatGPT, was ousted by the company’s board.
The board further backed up its decision to fire Altman after saying it was a “deliberative review process by the board, which concluded that he was not consistently candid in his communications with them, hindering its ability to exercise its responsibilities.”
Altman was later hired at Microsoft, OpenAI’s biggest investor, and as a result, hundreds of more employees joined him.
Things got so bad that three top executives left, and more than 90% of OpenAI’s workforce said they would leave for Microsoft with Altman if the board did not rethink their decision.
Altman said that he plans on returning to OpenAI as soon as he is able.
———————————————————————————————————
PRESENTED BY EPILOGUE
It’s never too early to prepare, but it can always be too late.
Epilogue, started by two estate planning lawyers, is the go-to spot for creating your Will and other estate planning documents.
As we get older, making sure your family is left in a comfortable position becomes even more important. That's where Epilogue comes into play.
Epilogue helps you create your custom personalized estate planning documents for an affordable price, all from the comfort of your own home.
For a limited time, Epilogue is making things even more affordable, with a $20 discount for all J. Nicholas subscribers.
Support this newsletter, snag a $20 discount, and, most importantly, prepare for your family's future by creating a will with Epilogue today.
Image courtesy of Epilogue
———————————————————————————————————
Nvidia Spreads Its Wings 🦅
Nvidia reported earnings on Tuesday, growing it’s revenue over 206% year over year, and beating Wall Street’s expectations.
Nvidia’s finance chief mentioned in a letter to shareholders that they expect a significant drop in revenue in Q4 earnings due to export restrictions to China and other countries.
Nvidia released an EPS of $4.02 per share, adjusted, vs. $3.37 per share expected. - CNBC.
Binance CEO Steps Down 👋
Also on Tuesday, billionaire Changpeng Zhao, known as CZ on social media, resigned as the CEO of the world's biggest crypto exchange, Binance.
CZ’s resignation comes after a U.S. criminal and civil lawsuit brought upon Binance by the SEC in early June.
CZ pleaded guilty to money laundering violations and is to pay $200 million in fines as part of a near $5 billion fine imposed on to the company itself.
Users of Binance pulled a whopping $1 billion from the exchange following the resignation and guilty plea of the now former CEO.
UK Alternative to Visa and Mastercard 💳
On Wednesday, a government-commissioned report on the Future of Payments in the UK urged the for a 'digital alternative' to Visa and Mastercard.
The report serves as a means for the UK government to start discussions about alternatives to the high card processing fees, brought opon merchants and retailers by the card 'schemes.'
The report stated that open banking by third-party fintechs could offer a cheaper option for these merchants and retailers.
———————————————————————————————————
Image courtesy of ABC News
Israel & Hamas Agree to Ceasefire
Tuesday night, Israel’s cabinet agreed to a four-day ceasefire in exchange for the release of hostages.
150 Palestinians and 50 Israeli hostages are said to be freed under this deal, but
Israel said that Hamas could find 30 more mothers and children in addition to the 50 mentioned above.
A government official further stated that Israel would extend the halt in fighting by a day for every 10 more hostages released.
The four-day ceasefire is supposed to start at 7am on Friday.
US-Canada Rainbow Bridge Explosion
On Wednesday, a vehicle, traveling at 160 km/h (100 mph), hit a curb, went airborne, and crashed into the border checkpoint connecting the state of New York to the Canadian province of Ontario.
This caused a fiery explosion that resulted in two deaths and completely disintegrated the car. The vehicle was heading into Canada from the U.S. side.
The FBI began investigating whether this was an act of terror, but there were no signs of explosives. The FBI further stated on X (formerly Twitter) that the "search of the scene revealed no explosive materials, and no terrorism nexus was identified."
New York Governor Kathy Hochul saw a security video of the incident and had this to say:
"You actually had to look and say, 'Was this [video] generated by AI?' because it was so surreal to see how high in the air this vehicle actually went, and then the crash and the explosion," she said.
The video has since been released to the public. Watch the video here.
Piers Interviews Andrew 🎬
Monday, British broadcaster and presenter Piers Morgan went at it again, this time in Romania, with his third interview featuring businessman and former kickboxer Andrew Tate.
The interview follows severe rape and human trafficking charges brought against Tate by Romanian authorities in late June of this year.
Posted on Piers Morgan’s YouTube channel, the interview went viral, gaining almost five million views in its first day.
———————————————————————————————————
Book of the Week
The Intelligent Investor:
The Definitive Book on Value Investing
Written by the greatest investing advisor of the 20th century, The Intelligent Investor teaches the reader about value investing.
Value investing says to worry about trading in the stock market with intent for the long-term, instead of trading with intent for quick money in the short-term.
“Over the years, market developments have proven the wisdom of Graham's strategies.
While preserving the integrity of Graham's original text, this revised edition includes updated commentary by noted financial journalist Jason Zweig, whose perspective incorporates the realities of today's market, draws parallels between Graham's examples and today's financial headlines, and gives readers a more thorough understanding of how to apply Graham's principles.
Vital and indispensable, this HarperBusiness Essentials edition of The Intelligent Investor is the most important book you will ever read on how to reach your financial goals.”
-———————————————————————————————————
That’s it for today — thanks for reading!
Think we can improve? Let us know.
Related Articles
Did you enjoy the information in this email?
We have a strong feeling you’ll like these…
Financial Post
Most of OpenAI's staff threaten to go to Microsoft if board doesn't quit
CBC
Israel, Hamas agree to ceasefire deal…
Copyright © 2023 J. Nicholas by Jacob Barnas. All rights reserved.