The artificial intelligence (AI) company, OpenAI announced on Friday in a blog post that Sam Altman has been removed from his role as CEO and the board by the board of directors and by that Worldcoin falls by Double Digits.
OpenAI’s board of directors announced leadership changes on Friday, leading to the immediate removal of Sam Altman, the co-founder and CEO of the company. The board claimed that Altman was terminated from his position due to a lack of “consistent candor in his communications.”
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Worldcoin falls by Double Digits
Following this announcement, the price of Worldcoin (WLD), a project often endorsed by Altman, experienced significant volatility, dropping from $2.5 to under $2 within a few hours, approximately 12%.
The board’s blog post outlined that Mira Murati, the chief technology officer of OpenAI, would step in as the interim CEO with immediate effect.
The post praised Murati’s five-year tenure in OpenAI’s leadership team, highlighting her crucial role in the company’s growth into a global AI leader and her expertise in research, product, and safety functions.
Reason for Removal of Altman
The board asserted that Altman’s communication inconsistencies hindered their ability to fulfill their responsibilities, leading to the decision that he was no longer suitable to lead the company.
The post emphasized the necessity for new leadership, expressing confidence in Murati’s qualifications to guide OpenAI through this transitional period.
Impact on the Market
The market reaction to the news was evident in the sharp decline of Worldcoin’s value, a project associated with Altman, as its coin experienced a double-digit drop from $2.5 to below $1.9 in the aftermath of the announcement.
In short, the sudden removal of Co-founder and CEO Sam Altman had a negative impact on the price of the Worldcoin falls by Double Digits of (12%) in the price. The market hopes for a price revival after the interim CEO joins.
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