According to Riley, OpenAI bears alarming similarities to Enron, being a high-flying VC darling with a CEO facing ethical concerns and extravagant future projections.
Riley recounted how Enron’s value was inflated during his tenure, noting that 'there was no business,' reflecting a similar situation with OpenAI's burgeoning valuation.
'Enron had a ton of projections... but it was a pure startup,' Riley emphasized, indicating that current valuations may not reflect sustainable business fundamentals.
'It was all vibes,' Riley stated regarding Enron's NewPower Company, suggesting that the perceived value was based more on potential than actual profitability or revenue.
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