Good Morning!
It’s Monday! Brace yourself for a thrilling newsletter. Here’s the scoop:
👉 Sam Altman outted as CEO
👉 Blackstone nearing closing of $17B debt deal
👉 Musk’s behavior irritates sponsors
Let’s go!
OPENAI: Resignations and Reversals
The past few days have been a WILD ride for the AI industry, with one of the biggest tech shakeups since the firing of Steve Jobs in 1985.
OpenAI, the company behind ChatGPT, which took the world by storm with its AI, said Friday that it was firing its CEO Sam Altman and making its technology chief Mira Murati interim CEO in his place.
But before the weekend was even over, OpenAI appeared to change course after employees, the public, and investors were outraged. On Saturday, the entire board offered their resignation and put Altman back in power. However, they waffled on their decision a few hours later. On Sunday, Altman went to the OpenAI headquarters to negotiate with the board and gave a deadline of 8:00 pm to finalize a deal. They were not able to make a deal and announced that former Twitch chief Emmett Shear would take over from Altman instead, at least on a temporary basis.
Source: Marketplace
Meanwhile, Altman himself has already found a new role leading a new advanced AI research team at Microsoft, where former OpenAI Board Chair Greg Brockman and several other employees will join him. Microsoft has signaled support for the new vision of OpenAI, but some believe that they just brought on Altman to save face. These changes significantly alter the landscape of artificial intelligence, especially since OpenAI propelled generative AI into mainstream recognition, is at the heart of these developments, and Altman was a prominent face of the organization.
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BLACKSTONE: Leads Race for $17B Gamble
Blackstone emerges as the likely winner in acquiring a portfolio of commercial real estate loans, estimated to be worth around $17 billion, from the Federal Deposit Insurance Corp (FDIC). This development comes from the agency's efforts to sell off debts of the now-defunct Signature Bank.
Since the bank's collapse in March, FDIC has actively marketed its loan portfolio, secured by diverse properties, including retail and office spaces, industrial buildings, and residential complexes. Discussions are now in the concluding phase, with FDIC leaning towards Blackstone’s offer as it appears to be the most cost-effective for the agency, according to insiders.
Source: Reuters
Negotiating such agreements often involves considerable complexity. Finalization of the deal is still underway, with regulatory officials ironing out specific details, leaving room for potential changes in terms. It's important to note that until the deal is officially sealed, there remains the possibility of an alternative bidder emerging victorious or the loan portfolio being allocated among multiple interested parties.
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MUSK: Defends Himself
Elon Musk recently responded to charges of antisemitism on X, declaring on Sunday his positive aspirations for humanity. This response follows Musk's recent controversy, where he was criticized for endorsing a view implying Jewish individuals have an inherent "dialectical hatred" of white people. In the wake of these events, prominent corporations, including Comcast, Paramount Global, Apple, and Disney, have paused their advertising on X.
Source: Complex
On the other hand, individuals like hedge fund manager Bill Ackman have voiced support for Musk. Amidst this situation, the Financial Times reports that several top advertising executives have discreetly suggested that Linda Yaccarino, the CEO of X, resign to preserve her professional reputation.
Headlines You Need To Know: 🎙
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Legendary value investor launches new fund
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Office landlords can’t get a loan anymore
The pay raise people say they need to be happy
The estate taxes are catching Americans by surprise
Building Dreams, Breaking Limits 🧱
Imagine, in a small Danish village, Billund, in the 1930s, a carpenter named Ole Kirk Christiansen started crafting wooden toys. His vision, passion, and resilience laid the foundation for what would become one of the most beloved and financially successful toy brands in the world: LEGO.
But the path wasn't smooth. Christiansen faced numerous challenges, including economic downturns and a devastating workshop fire. It was his daring decision to switch from wood to plastic that marked the turning point. By 1958, LEGO’s destiny changed forever with the patenting of their unique interlocking brick system. These bricks weren't just toys; they were gateways to creativity, allowing anyone, from children to adults, to build anything they could imagine.
Source: Brickfinder
The shift to plastic bricks saw LEGO's popularity soar, transforming it into a multibillion-dollar business. Its financial growth, especially in the digital age, has been nothing short of phenomenal. LEGO sets became more than children's playthings; they evolved into collectors’ items, educational tools, and even therapy aids. The brand diversified, tapping into movies, video games, and even theme parks, further solidifying its financial and cultural footprint.
But it’s not just about the money. LEGO has built a culture that transcends age and geography. It's a symbol of innovation, an icon of the power of simple ideas transforming into global phenomena. From a small carpenter's workshop to the shelves and screens of millions, LEGO's journey is a testament to creativity, adaptability, and vision.
Real, Hard, “Liquid” Assets
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Chart of the Day
📊 When times are good, remember you don’t want to be the one holding the bag!
Source: Yahoo Finance, Fannie Mae
GRIT Meme of the Day 😂
Tag GRIT Capital on social media for a chance to be featured in our meme or Tweet of the day in our GRIT daily newsletter! 👇
Source: @wallstreetoasis
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