"“You didn't disclose to the United States Senate that you had an interest in OpenAI through a share in a Y Combinator fund, did you?” barked Steve Molo, the combative attorney leading Elon Musk's effort to shut down OpenAI's for-profit business. Altman had admitted that he did have economic exposure to OpenAI through his LP position in the Y Combinator fund. “I didn't mention it in that testimony, but, again, I think it is well understood of what it means to be a passive owner of many venture funds,” Almtan said."
"“I love my current job,” Altman said, to titters. “You make a lot of money, do you?” Kennedy asked him. “No, I'm paid enough for health insurance, I have no equity in OpenAI,” Altman assured him. “You need a lawyer,” Kennedy replied. Now Altman has many lawyers, who watched as their client suffered a withering interrogation, sworn in to a California federal court on Tuesday."
"Altman's decision to volunteer that he had no equity when he could have simply side-stepped the question was interesting one. It's technically true, but Altman-who emphasized his expertise in investing in early-stage startups-surely understood his economic exposure to OpenAI through Y Combinator, and through investments in other AI companies that worked with OpenAI. Altman's credibility was on trial yesterday, at least in the eyes of the plaintiffs."
In May 2023, OpenAI CEO Sam Altman testified before Congress about regulating artificial intelligence. Senator John Kennedy questioned whether Altman had equity or financial interest in OpenAI and whether he was qualified to run a hypothetical AI regulatory agency. Altman said he was paid enough for health insurance, had no equity in OpenAI, and emphasized his current role. Later, Altman was sworn in before a California federal court as lawyers investigated whether he failed to disclose an interest in OpenAI. A lawyer for Elon Musk’s effort to shut down OpenAI’s for-profit business asked whether Altman disclosed economic exposure through a Y Combinator fund. Altman admitted economic exposure through an LP position but said he did not mention it in the Senate testimony, arguing it was understood for passive owners of venture funds.
Read at TechCrunch
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