The daily business briefing: November 22, 2023

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TheWeek The Week US Edition US UK SUBSCRIBE & SAVE Less than $3 per week × Search Sign in View Profile Sign out Daily Briefing Talking Points The Week Recommends Newsletters Cartoons From the Magazine The Week Junior More Politics World News Business Health Science Food & Drink Travel Culture History Personal Finance Puzzles Photos All Categories Newsletter sign up Newsletter Business The daily business briefing: November 22, 2023 Sam Altman returns to OpenAI after revolt, Binance founder Changpeng Zhao pleads guilty, and more Newsletter sign up Newsletter Sam Altman will retake the reigns at OpenAI just days after his ousting (Image credit: Justin Sullivan/Getty Images) By Harold Maass, The Week US published 22 November 2023 1. Sam Altman to return to OpenAI Sam Altman has agreed to return to ChatGPT-maker OpenAI after his firing last week by the company’s board triggered a revolt by employees and investors, who demanded his return as CEO. Former Salesforce co-CEO Bret Taylor will lead a board replacing the one that fired Altman. The drama exposed a power struggle between Altman, who has been the face of the rapid commercialization of generative artificial intelligence, and board members concerned about AI’s safety risks. After his firing, Altman had agreed to lead a team at OpenAI backer Microsoft. He now says he will return to OpenAI and work on “building on our strong partnership” with the software giant. The Washington Post, The Associated Press 2. Binance founder Changpeng Zhao pleads guilty, resigns Changpeng Zhao, founder of cryptocurrency exchange Binance, pleaded guilty to money laundering charges on Tuesday. He will pay a $50 million fine and resign as CEO as part of a deal with the U.S. Justice Department. Prosecutors are seeking an 18-month prison sentence. Binance itself also pleaded guilty in the case and agreed to pay $4.3 billion in fines and restitution. The company also agreed to let the government appoint a monitor to oversee its operations. Zhao won’t be able to have any involvement in the company until the monitor has been on the job three years. “Binance became the world’s largest cryptocurrency exchange in part because of the crimes it committed,” Attorney General Merrick Garland said. The New York Times, Bloomberg 3. Nvidia beats expectations but stock struggles Nvidia reported third-quarter earnings after the bell Tuesday that smashed expectations as the artificial intelligence boom fueled demand for its advanced chips. The company reported adjusted earnings per share of $4.02 compared to the $3.36 expected by analysts, according to Bloomberg. Revenue reached $18.1 billion, beating expectations of $16.1 billion and marking a 206% increase over a year earlier. But the chipmaker’s shares fell more than 1% in after-hours trading after the company said new restrictions on advanced-chip sales to China could hurt future results. Yahoo Finance Subscribe to The Week Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives. SUBSCRIBE & SAVE Sign up for The Week’s Free Newsletters From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox. From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox. Sign up 4. Stock futures edge up before Thanksgiving break U.S. stock futures were little changed early Wednesday ahead of the Thanksgiving break. Futures tied to the Dow Jones Industrial Average were flat at 6:45 a.m. ET. S&P 500 and Nasdaq futures were up 0.1% and 0.3%, respectively. The Dow and the S&P 500 fell 0.2% on Tuesday, while the tech-heavy Nasdaq dropped 0.6%. The declines tested a November rally fueled by cooling inflation that heightened hopes that the Federal Reserve wouldn’t need to raise interest rates again this year to slow the economy. Newly released minutes from the Fed’s latest meeting indicated that policy makers weren’t ready to stop raising rates altogether, but they might hold rates steady the rest of the year. CNBC, The Wall Street Journal 5. Buffett gives $866 million to family charities Billionaire investor Warren Buffett has donated about $866 million more of his Berkshire Hathaway stock to four family charities, the company said in a regulatory filing. Buffett gave 1.5 million shares to the Susan Thompson Buffett Foundation, a charity named for his late first wife that works in reproductive health. He also donated 900,000 shares to be divided among his children’s charities. Buffett gave away $759 million of Berkshire stock at this time last year. In a rare letter to shareholders, Buffett repeated his pledge to give more than 99% of his wealth to charities and said the company had a solid succession plan in place. “At 93, I feel good but fully realize I am playing in extra innings,” he said in the letter. Reuters Explore More Business News Business Briefing Breaking News Continue reading for free We hope you’re enjoying The Week’s refreshingly open-minded journalism. sign up to continue reading Already have an account ? Sign in here Subscribed to The Week? Register your account with the same email as your subscription. Sign up to our 10 Things You Need to Know Today newsletter A free daily digest of the biggest news stories of the day – and the best features from our website Contact me with news and offers from other Future brandsReceive email from us on behalf of our trusted partners or sponsorsBy submitting your information you agree to the Terms & Conditions and Privacy Policy and are aged 16 or over. Harold Maass, The Week US Social Links Navigation Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance. Latest 10 things you need to know today: November 22, 2023 Daily Briefing Israel and Hamas reach deal to free 50 hostages, House panel subpoenas prosecutor in Hunter Biden investigation, and more By Harold Maass, The Week US Published 22 November 23 Top Gear off air: how safe are UK film sets? 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The Explainer Product transfers are becoming more popular when a mortgage deal ends but they may not work for everyone By Marc Shoffman, The Week UK Published 22 November 23 You might also like The daily business briefing: November 21, 2023 Business Briefing OpenAI workers threaten to quit after Altman’s ouster, gas prices drop in time for Thanksgiving travel, and more By Harold Maass, The Week US Published 21 November 23 The daily business briefing: November 20, 2023 Business Briefing OpenAI co-founder Sam Altman joins Microsoft, Kyle Vogt resigns as Cruise CEO, and more By Harold Maass, The Week US Published 20 November 23 The daily business briefing: November 17, 2023 Business Briefing GM union workers approve strike-ending contract, Walmart’s CEO says food deflation is coming, and more By Harold Maass, The Week US Published 17 November 23 The daily business briefing: November 16, 2023 Business Briefing Senators approve a stopgap bill to avert a shutdown, the FAA approves SpaceX’s second Starship test flight, and more By Harold Maass, The Week US Published 16 November 23 The daily business briefing: November 15, 2023 Business Briefing Inflation cooled more than expected in October, the House passes a stopgap proposal to avert a shutdown, and more By Harold Maass, The Week US Published 15 November 23 The daily business briefing: November 14, 2023 Business Briefing CBS becomes the first network to release post-strike TV schedule, The Wall Street Journal uncovers sexism allegations at the FDIC, and more By Harold Maass, The Week US Published 14 November 23 The daily business briefing: November 13, 2023 Business Briefing Emirates opens Dubai Air Show with $52 billion Boeing order, Canadian fashion mogul Peter Nygard found guilty of sexual assault, and more By Harold Maass, The Week US Published 13 November 23 The daily business briefing: November 10, 2023 Business Briefing Powell says the Fed is ‘not confident’ it has contained inflation, feminist media site Jezebel shuts down, and more By Harold Maass, The Week US Published 10 November 23 View More ▸ TheWeek About Us Contact Future’s experts Terms and Conditions Privacy Policy Cookie Policy Advertise With Us The Week is part of Future plc, an international media group and leading digital publisher.Visit our corporate site. © Future US, Inc. 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