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- 😳 OpenAI May Get Valued at $100 Billion
😳 OpenAI May Get Valued at $100 Billion
Is in talks to raise several billion dollars
Waivly Crew
August 29, 2024
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Hey Waivly Crew! 🌊 In today’s edition, we’ve got a variety of topics to explore.
Here’s what’s on the horizon today:
Yelp sues Google for antitrust violations
OpenAI reportedly in talks to raise at $100 billion valuation
SEC threatens to sue NFT marketplace OpenSea
Brave lays off around 15 percent of its employees
Let’s dive in!
STORIES MAKING A SPLASH
TECH
Yelp sues Google for antitrust violations
Yelp has filed an antitrust lawsuit against Google, accusing the search giant of monopolizing local search services by prioritizing its own inferior products over competitors. Yelp claims that Google's practice of directing users to its own local search results from general search engine pages is illegal and harms competition.
The lawsuit, filed in the Northern District of California, demands that Google cease its alleged anticompetitive behavior and seeks damages. Yelp has also requested a jury trial, pointing to a recent case where Google was found to have an illegal monopoly through its app store.
Yelp’s decision to sue follows the DOJ’s recent antitrust victory against Google, which CEO Jeremy Stoppelman says marks a significant shift in the antitrust landscape. Previously, Yelp hesitated to take legal action, viewing enforcement as the government's responsibility.
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AI
OpenAI reportedly in talks to raise at $100 billion valuation
OpenAI, the creator of ChatGPT, is in talks to raise a significant funding round led by Thrive Capital, which could value the company at over $100 billion. This would mark a substantial increase from its previous $86 billion valuation, making it the highest-valued AI startup to date. Thrive Capital is expected to contribute around $1 billion, with Microsoft also likely to participate.
The new funding would be OpenAI's largest capital infusion since Microsoft's nearly $10 billion investment in January 2023. The company has existing backers like Khosla Ventures, Infosys, and Y Combinator, though it’s unclear if they will join this round.
OpenAI’s financial situation is mixed; while its annual revenue exceeded $3.4 billion earlier this year, reports suggest it could lose nearly $5 billion by year-end, having already spent $8.5 billion on AI development and staffing.
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WEB3 SPECIAL
WEB3 SPECIAL
SEC threatens to sue NFT marketplace OpenSea
The SEC has targeted NFT marketplace OpenSea in its ongoing crackdown on the crypto sector. On Wednesday, OpenSea CEO Devin Finzer announced that the U.S. Securities and Exchange Commission issued a Wells notice against the company, signaling potential legal action.
The notice alleges that the NFTs sold on OpenSea's platform are securities, a classification that could have significant regulatory consequences. Typically, a Wells notice outlines the SEC’s case and offers the recipient a chance to respond before formal charges are filed.
Finzer expressed surprise at the SEC’s sweeping action, particularly against creators and artists, but affirmed that OpenSea is "ready to stand up and fight." As one of the leading platforms for buying, selling, and creating NFTs, OpenSea now faces a pivotal legal challenge that could influence the future of digital assets.
WEB3 SPECIAL
Brave lays off around 15 percent of its employees
Brave Software, known for its privacy-focused browser, has laid off 27 employees across various departments, as reported by TechCrunch. This reduction, affecting a significant portion of its 191-member workforce, follows a 9% cut just ten months ago, which the company attributed to economic challenges.
Brave Browser, launched in 2015 by Brian Bondy and Brendan Eich, offers a unique privacy-centric experience by blocking ads and trackers. Users can opt into ads in exchange for the Basic Attention Token (BAT), Brave's native cryptocurrency. The browser quickly gained traction, reaching a million monthly active users within two years and raising $36 million through BAT's public sale.
In 2023, Brave enhanced its crypto-native features by introducing a self-custody wallet, enabling users to trade tokens like Ethereum and Solana without leaving the browser.
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THE WAVES
OTHER NEWS
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BACK TO THE SHORE
THANKS FOR READING
That wraps up today’s newsletter
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