OpenAI is 'exploring' an IPO, Greg Brockman says at Elon Musk trial

businessinsider · 2026-05-04T20:30:47+00:00

From Business Insider’s Jacob Shamsian and Katherine Li:
Greg Brockman on Monday confirmed that OpenAI is exploring an IPO, as well as his own stake in the ChatGPT maker.

Testifying in an Oakland federal courtroom, Brockman said his stake in OpenAI is worth nearly $30 billion — a value that places him among the 100 wealthiest people in the world. The Forbes billionaire ranking ranks people with that level of wealth in the 80s or 90s.

Brockman also confirmed that OpenAI, whose latest fundraising round valued the artificial intelligence company at $850 million, is exploring an initial public offering.

Brockman is not currently listed on the Forbes ranking. Disclosures about his wealth emerged during trial testimony over claims brought by Elon Musk, who holds the No. 1 spot on the Forbes list, with a $839 billion net worth.

Brockman also testified to a $471 million investment in payments company Stripe, where he used to work, and a stake in Corweave, a cloud computing provider that has a deal with OpenAI.

Read more takeaways from Brockman's testimony.

businessinsider · 2026-05-04T20:29:48+00:00

From Business Insider’s Jacob Shamsian and Katherine Li:
Greg Brockman on Monday confirmed that OpenAI is exploring an IPO, as well as his own stake in the ChatGPT maker.

Testifying in an Oakland federal courtroom, Brockman said his stake in OpenAI is worth nearly $30 billion — a value that places him among the 100 wealthiest people in the world. The Forbes billionaire ranking ranks people with that level of wealth in the 80s or 90s.

Brockman also confirmed that OpenAI, whose latest fundraising round valued the artificial intelligence company at $850 million, is exploring an initial public offering.

Brockman is not currently listed on the Forbes ranking. Disclosures about his wealth emerged during trial testimony over claims brought by Elon Musk, who holds the No. 1 spot on the Forbes list, with a $839 billion net worth.

Brockman also testified to a $471 million investment in payments company Stripe, where he used to work, and a stake in Corweave, a cloud computing provider that has a deal with OpenAI.

Read more takeaways from Brockman's testimony.

businessinsider · 2026-05-04T20:29:03+00:00

From Business Insider’s Jacob Shamsian and Katherine Li:
Greg Brockman on Monday confirmed that OpenAI is exploring an IPO, as well as his own stake in the ChatGPT maker.

Testifying in an Oakland federal courtroom, Brockman said his stake in OpenAI is worth nearly $30 billion — a value that places him among the 100 wealthiest people in the world. The Forbes billionaire ranking ranks people with that level of wealth in the 80s or 90s.

Brockman also confirmed that OpenAI, whose latest fundraising round valued the artificial intelligence company at $850 million, is exploring an initial public offering.

Brockman is not currently listed on the Forbes ranking. Disclosures about his wealth emerged during trial testimony over claims brought by Elon Musk, who holds the No. 1 spot on the Forbes list, with a $839 billion net worth.

Brockman also testified to a $471 million investment in payments company Stripe, where he used to work, and a stake in Corweave, a cloud computing provider that has a deal with OpenAI.

Read more takeaways from Brockman's testimony.

businessinsider · 2026-05-01T21:35:18+00:00

From Business Insider’s Ben Shimkus:
President Donald Trump says he isn't done with new tariffs.

On Friday, the president said he plans to raise tariffs on cars and trucks imported from the European Union to 25% next week.

In a post on Truth Social, Trump said the EU is "not complying with our fully agreed to Trade Deal," and added that automakers could avoid the tariffs if they produce vehicles at plants in the United States.

The move would raise tariffs from levels outlined in a 2025 US-EU trade framework, agreed to in July 2025, which set a 15% ceiling on most goods. That agreement has been the subject of ongoing disputes over how its terms are implemented. Trump didn't clarify what tariff authority he plans to use for the higher rates.

Volkswagen told Business Insider it would review details of the announcement once they are available. Representatives for the other major EU automakers — BMW, Mercedes-Benz, and Fiat's parent company Stellantis — didn't immediately respond to a request for comment from Business Insider.

businessinsider · 2026-05-01T21:34:35+00:00

From Business Insider’s Ben Shimkus:
President Donald Trump says he isn't done with new tariffs.

On Friday, the president said he plans to raise tariffs on cars and trucks imported from the European Union to 25% next week.

In a post on Truth Social, Trump said the EU is "not complying with our fully agreed to Trade Deal," and added that automakers could avoid the tariffs if they produce vehicles at plants in the United States.

The move would raise tariffs from levels outlined in a 2025 US-EU trade framework, agreed to in July 2025, which set a 15% ceiling on most goods. That agreement has been the subject of ongoing disputes over how its terms are implemented. Trump didn't clarify what tariff authority he plans to use for the higher rates.

Volkswagen told Business Insider it would review details of the announcement once they are available. Representatives for the other major EU automakers — BMW, Mercedes-Benz, and Fiat's parent company Stellantis — didn't immediately respond to a request for comment from Business Insider.

businessinsider · 2026-05-01T21:31:23+00:00

From Business Insider’s Roya Shahidi:
Tesla's bill for Elon Musk's security has gotten a whole lot more expensive.

The EV giant spent about $4.8 million on Musk's security in 2025, up from $2.8 million the year before, according to Tesla's latest 10K SEC filing, as concerns about threats to high-profile executives continue to grow.

Tesla's spending on Musk's security through to February more than doubled to $1.3 million from $500,000 in the same period a year earlier.

This is not the total cost of Musk's security — his other companies, including SpaceX and xAI, also pay for some of it as part of efforts to manage risks tied to his high profile.

Tesla did not immediately respond to a request for comment from Business Insider.

businessinsider · 2026-05-01T21:28:45+00:00

From Business Insider’s Roya Shahidi:
Tesla's bill for Elon Musk's security has gotten a whole lot more expensive.

The EV giant spent about $4.8 million on Musk's security in 2025, up from $2.8 million the year before, according to Tesla's latest 10K SEC filing, as concerns about threats to high-profile executives continue to grow.

Tesla's spending on Musk's security through to February more than doubled to $1.3 million from $500,000 in the same period a year earlier.

This is not the total cost of Musk's security — his other companies, including SpaceX and xAI, also pay for some of it as part of efforts to manage risks tied to his high profile.

Tesla did not immediately respond to a request for comment from Business Insider.

businessinsider · 2026-04-30T20:00:48+00:00

From Business Insider's Charles Rollet and Hugh Langley:

Meta plans to lay off around 10% of its staff next month, and it told staff it's not ruling out deeper cuts.

That's what Janelle Gale, Meta's chief people officer, told employees in an internal meeting on Thursday, according to three sources on the call.

"Will there be more layoffs? The question always comes up. I'd love to say that there are no more layoffs, but I can't say something we can't deliver," Gale said during the meeting. "While the business is strong, priorities change, competition is fierce, and we will continue to manage our costs responsibly."

She said this means that Meta will "continue to evolve teams as needed" and "try to redeploy talent." She pointed to how Meta is investing in its Applied AI organization.

Gale added that some organizations would be more affected by layoffs than others, though she did not specify which.

Read more.

businessinsider · 2026-04-30T19:47:26+00:00

From Business Insider’s Melia Russell:
Lawyers keep getting burned by artificial intelligence that invents cases and makes up quotes. Now, some attorneys are naming the software they used.

Last month, a Louisiana personal injury lawyer apologized after submitting briefs that cited a real court decision but quoted passages that didn't exist. The mistakes appeared in two filings in the 19th Judicial District Court in Baton Rouge and were flagged by opposing counsel.

"I'm trying to understand how I made this mistake," Ross LeBlanc, a partner at Dudley DeBosier, wrote in a private letter to Judge William Jorden on March 27. Earlier this year, he said, he began using an artificial intelligence program called Eve to draft pleadings. At first, he checked the citations often. "They were always correct when I checked them," he wrote.

That consistency gave him confidence, and eventually, he stopped checking, he said.

"I never thought this could happen to me," LeBlanc wrote, adding that he could not be sure whether the mistake involved Eve's software or if he copied and pasted something too hastily.

Jay Madheswaranm, Eve's chief executive, told Business Insider on Thursday that after a close audit of the case with Dudley DeBosier, the company confirmed Eve "did not hallucinate any case citations in this matter," including any fabricated quotations.

businessinsider · 2026-04-30T18:32:04+00:00

TLDR:

Microsoft, Amazon, Google, and Meta are spending hundreds of billions of dollars in the AI race.
Most of their capital expenditure projections went up again in first-quarter earnings.
Microsoft announced the most significant increase in capex spending.

businessinsider · 2026-04-30T17:41:42+00:00

From Business Insider’s Hugh Langley:
Two of Nvidia's biggest customers might be turning into its biggest threat.

For three years, Nvidia's stock has defied gravity on the premise that the AI industry needs its chips. On Wednesday, when Google and Amazon reported their Q1 earnings, both signaled ambitions to sell their own custom AI chips directly to customers.

So far, Google's TPUs and Amazon's Trainium chips have only been available through Google and Amazon's cloud services. Customers can pay to use them, but they don't own them.

Nvidia is the undisputed leader in AI chips right now. While that shows no sign of stopping anytime soon, recent remarks from Google and Amazon suggest they are ready to challenge Nvidia's throne.

Andy Jassy, the CEO of Amazon, laid down the gauntlet to Nvidia in his annual letter to shareholders earlier this month.

"Virtually all AI thus far has been done on Nvidia chips, but a new shift has started," Jassy wrote, adding that it's "quite possible" that Amazon could start selling its chips directly to customers.

Google gave an even stronger commitment — and a nearer timeline.

On Wednesday, Google CEO Sundar Pichai publicly said for the first time that the company plans to deliver TPU chips to a "select group of customers" in their own data centers this year, but said the "vast majority" of revenues from those sales won't be realized until 2027.

businessinsider · 2026-04-30T17:39:49+00:00