Worldcoin Price Drops, then Skyrockets After OpenAI CEO’s Exit
- Sam Altcoin, the CEO of OpenAI, has been fired from his position, and Mira Murati will be the new interim CEO.
- The price of the Worldcoin token WLD dropped over 12% after the news on November 18.
- However, the price of WLD shot up more than 10% on November 19.
- Greg Brockman, the director of the board, will also step down but will remain an employee at OpenAI.
Sam Altman, an American entrepreneur and investor who was also the chief executive officer of OpenAI, the firm behind AI chatbot chatGPT, was fired from his position as per a November 17 announcement. After the executive’s exit, the Worldcoin token WLD dropped over 12% on November 18, as covered by several media outlets, but on November 19, it immediately skyrocketed 10%.
According to data from Bitnation, the price of Worldcoin (WLD) is up more than 10% in the past 24 hours, and the market capitalization of the digital asset is almost $250 million. Additionally, the price fell significantly after OpenAI announced that it was letting go of Altman while not revealing much about the reason for the decision.
OpenAI announced in a blog post earlier this week that chief technology officer Mira Murati would succeed CEO Altman as interim CEO. It was revealed that the board of directors engaged in a “deliberative review process,” and they concluded that Altman “was not consistently candid in his communications with the board, hindering its ability to exercise its responsibilities.”
“OpenAI was deliberately structured to advance our mission: to ensure that artificial general intelligence benefits all humanity. The board remains fully committed to serving this mission. […] Mira is exceptionally qualified to step into the role of interim CEO. We have the utmost confidence in her ability to lead OpenAI during this transition period,” the blog post read.
OpenAI also said that it was “grateful for Sam’s many contributions to the founding and growth of OpenAI” but claimed that “new leadership is necessary as we move forward.” Greg Brockman, the director of the board, will also step down from his position but will remain an employee at OpenAI. However, he will have to report to the new CEO.
Under Altman, OpenAI debuted Worldcoin and ChatGPT. Worldcoin seeks to be the world’s largest identity and financial network as a public utility, giving ownership to everyone. Back in May, Altman confirmed that the project was considering raising $100 million from investors while adding that the funding will be sourced from a mix of “existing and new investors.”
Altman has been a supporter of the digital asset sector, recently slamming the United States government for waging a war against crypto. He claimed that the US government seeks to exert control over crypto and blockchain.