An internal memo sent to OpenAI staff on Saturday after former CEO Sam Altman’s abrupt firing reiterates that “a breakdown in communication” led to the decision, not “malfeasance or anything related to our financial, business, safety, or security/privacy practices,” according to Axios and The New York Times. The memo obtained by both publications was sent to employees by OpenAI’s Chief Operating Officer Brad Lightcap.

Speculation has been nonstop since Altman was ousted unexpectedly as CEO on Friday and dropped from the company’s board of directors, with little concrete information from OpenAI itself to go on. In its announcement of the decision, the board said only that he was not “consistently candid in his communications with the board, hindering its ability to exercise its responsibilities.” The board named Mira Murati, OpenAI’s Chief Technology Officer, as interim CEO.

In response, OpenAI’s now-former president, Greg Brockman, announced he was stepping down too, tweeting, “Sam and I are shocked and saddened by what the board did today.” Three senior researchers later resigned as well, according to The Information. Now, in another report, sources told The Information that Altman already has a “new venture” in the works, and he plans to bring Brockman and possibly others on with him. It’s as yet unclear if this venture is separate from Altman’s other known upcoming projects, including a purported collaboration with former Apple designer Jony Ive.

Numerous reports in the aftermath have attempted to provide an explanation for Altman’s firing, with some claiming there were concerns over the rapid development of the company’s AI products and, according to journalist Kara Swisher, its “profit driven direction.” In Saturday’s memo, per Axios, Lightcap wrote that the announcement “took us all by surprise,” and “we have had multiple conversations with the board to try to better understand the reasons and process behind their decision.”

The sudden shakeup could now have ramifications for the impending sale of OpenAI’s employee shares, valued at roughly $86 billion, The Information reported. In a cryptic tweet on Saturday, Altman quipped, “if i start going off, the openai board should go after me for the full value of my shares (sic).”

In a surprise shakeup of its c-suite Friday, OpenAI's board of directors announced that CEO Sam Altman is leaving both the company and the board, effective immediately. Chief Technology Officer Mira Murati has been named interim CEO.

Altman oustering reportedly follows an internal "deliberative review process" which found he had not been "consistently candid in his communications with the board, hindering its ability to exercise its responsibilities," the company announced. As such, "the board no longer has confidence in his ability to continue leading OpenAI."

The board of directors thanked Altman' for his "many contributions to the founding and growth of OpenAI," but believes that "as the leader of the company’s research, product, and safety functions, 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.”

This is a developing story. Please check back for updates.

Rivian is sweetening the pot just ahead of the Tesla Cybertruck launch by offering a free wall charger and a $2,000 installation credit when you buy an electric pickup. This deal’s only for the R1T truck and doesn’t apply to the company’s R1S SUV. The Home Charging Bundle, as it's called, will be in effect until the end of the year.

Here’s how it works. The wall charger ships a few days after ordering the truck, saving you around $800, and the purchase automatically provides a credit with Rivian’s installation partner Qmerit. Just contact Qmerit to set up an installation and it should be smooth sailing from there. According to the installation company, these installation projects typically cost $800 to $2,000, plus a $150 deposit to schedule a visit. In other words, Rivian’s deal should essentially make this free. It’s also worth noting that the R1T qualifies for that $3,750 tax credit.

This enticing offer comes just ahead of scheduled Tesla Cybertruck deliveries, which allegedly begin on November 30. Tesla’s experienced its fair share of controversy regarding the stainless steel dystopian wonder. The company originally instituted a strange policy that would fine Cybertruck buyers $50,000 if they attempted to resell the vehicle too soon, before reversing course after public outcry. There’s also this offputting video. It’s certainly been a long, strange trip since the truck-ish vehicle was announced back in 2019.

Of course, Rivian has had its own issues recently. The company instituted two, yes two, airbag recalls in less than a month. It’s also gone through a couple rounds of layoffs, which is not typically a good sign. It’s not all bad news, however, as Rivian is building a $5 billion manufacturing facility in Georgia.

Zelle recently made a huge change to its policy that would give victims of certain scams the chance to get their money back. The payment processor has confirmed to Engadget that it started reimbursing customers for impostor scams, such as those perpetrated by bad actors pretending to be banks, businesses and government agencies, as of June 30 this year. Its parent company Early Warning Services, LLC, said this "goes beyond legal requirements." 

As Reuters noted when it reported Zelle's policy change, federal laws can only compel banks to reimburse customers if payments were made without their authorization, but not when they made the transfer themselves. The payment processor, which is run by seven US banks that include Bank of America, JP Morgan Chase and Wells Fargo, explained that it defines scams as instances wherein a customer made payment but didn't get what they were promised. It had anti-fraud policy from the time it was launched in 2017, but it only started returning money to customers who were scammed, possibly due to increasing scrutiny and pressure from authorities. 

"As the operator of Zelle, we continuously review and update our operating rules and technology practices to improve the consumer experience and address the dynamic nature of fraud and scams," Early Warning Services, LLC, told Engadget. "As of June 30, 2023, our bank and credit union participants must reimburse consumers for qualifying imposter scams, like when a scammer impersonates a bank to trick a consumer into sending them money with Zelle. The change ensures consistency across our network and goes beyond legal requirements.

Zelle has driven down fraud and scam rates as a result of these prevention and mitigation efforts consistently from 2022 to 2023, with increasingly more than 99.9% of Zelle transactions are without any reported fraud or scams," it added.

A series of stories published by The New York Times in 2022 put a spotlight on the growing number of scams and fraud schemes on Zelle. The publication had interviewed customers who were tricked into sending money to scammers but were denied reimbursement, because they had authorized the transactions. Senator Elizabeth Warren also conducted an investigation last year and found that "fraud and scams [jumped] more than 250 percent from over $90 million in 2020 to a pace exceeding $255 million in 2022." In November 2022, The Times reported that the seven banks that own Zelle were gearing up for a policy change that will reimburse scam victims. 

In Zelle's "Report a Scam" information page, users can submit the scammer's details, including what they were claiming to be, their name, website and their phone number. They also have to provide the payment ID for the transfer, the date it was made and a description of what the transaction was supposed to be about. Zelle said it will report the information provided to the recipient’s bank or credit union to help prevent others from falling victim to their schemes, but it's unclear how Zelle determines whether a scam refund claim is legitimate or not. 

"Zelle's platform changes are long overdue,” Senator Warren told Reuters. "The CFPB (Consumer Financial Protection Bureau) is standing with consumers, and I urge the agency to keep the pressure on Zelle to protect consumers from bad actors." 

Sony has had a blockbuster quarter when it comes to PlayStation 5 sales. The company has sold 4.9 million PS5 units in its second financial quarter ending on September 30, bringing the total number of consoles sold to 46.6 million. It didn't quite reach last year's holiday figures, but it still moved 1.6 million units more than the same period in 2022. To note, Sony couldn't keep up with the demand for the console for quite some time due to the supply chain issues that plagued the tech industry, but it was finally able to ramp up production last year after the shortages had eased up. By July 2023, it announced that it had already sold more than 40 million PS5 consoles since the model came out in November 2020. 

To be able to reach its sales target of shipping 25 million PS5 units for this financial year, however, Sony will have to sell 16.8 million more units. That's a massive figure, considering it only sold 19.1 million PS5 consoles for the whole financial year of 2022. But according to Reuters, Sony President Hiroki Totoki is confident that the goal is something the company "can attain very easily." The company is likely expecting a boost in sales when its smaller PS5 models come out this month, just in time for people's holiday shopping sprees. 

In addition to its hardware sales, Sony has also reported that it sold 67.6 million games in the second quarter, though only 4.7 million are first-party titles. It will most likely post much higher first-party sales in the next quarter, though, seeing as Marvel’s Spider-Man 2 sold 5 million units within its first 11 days, eclipsing the performance of its prequel that sold 9 million copies in 80 days. 

There has been another twist in the WeWork saga as the office space rental company has filed for bankruptcy protection. Following reports last week that the company was expected to file for Chapter 11 protection, WeWork's shares were halted on the New York Stock Exchange (NYSE) on Monday. According to The New York Times, it described its bankruptcy filing as a "comprehensive reorganization" of its business. 

A number of factors played into WeWork's fall, including trying to grow too fast in its early days. The company has attempted to cut costs in recent years (including by closing several co-working spaces in the wake of COVID-19 lockdowns) while its revenue has grown. 

However, WeWork has been toiling in a real estate market that has felt the pinch of inflation and the rising costs of borrowing money. It has also been contending with another pandemic-accelerated change as millions more people are opting to work remotely instead of going to their company's offices. In its most recent earnings report in August, WeWork said it had "substantial doubt" about its ability to remain operational.

WeWork first attempted to go public in 2019, though it withdrew plans for an initial public offering after investors expressed concerns over profitability and corporate governance. Its S-1 filing showed losses of over $900 million for the first half of 2019 and indicated that WeWork was on the hook for over $47 billion worth of lease payments — WeWork takes out long-term leases on office space and rents it to workers and companies on a short-term basis.

That fiasco led to Softbank, which at one point led an investment round into WeWork when it had a valuation of $47 billion, taking control of the company. Softbank pushed out co-founder and CEO Adam Neumann with an exit package that was said to be worth $445 million.

The business eventually went public in 2021 after it merged with a special-purpose acquisition company. WeWork shares cost more than $400 two years ago, but by Monday the price had dropped to under $1.

WeWork has made more attempts to steady the ship. In September, the company completed a reverse stock split. It said this was conducted to help it continue to comply with the $1 minimum share closing price required to stay listed on the NYSE.

Later that month, WeWork said it would try to renegotiate the vast majority of its leases. At the time, CEO David Tolley pointed out that the company's lease liabilities amounted to over two-thirds of its operating income in the second quarter of this year.

On October 31, WeWork said it would withhold some interest payments — even though it had the cash to make them — in an attempt to improve its balance sheet. The company then entered a 30-day grace period before an event of default.

Meanwhile, Neumann has a new real estate venture, this time focused on residential rentals. It emerged last year that he had bought more than 3,000 apartments in Miami, Fort Lauderdale, Atlanta and Nashville. Flow, the company that will manage those properties, has reportedly received an investment of $350 million from venture capital firm Andreessen Horowitz.

Intuit is shutting down its free budgeting app Mint, which had 3.6 million active users in 2021, Bloomberg reported. The company will absorb users into its other service called Credit Karma when Mint disappears on January 1st, 2024 — less than two months from now. 

"Credit Karma is thrilled to invite all Minters to continue their financial journey on Credit Karma, where they will have access to Credit Karma’s suite of features, products, tools and services, including some of Mint’s most popular features," Mint wrote in its product blog. The company noted that Mint's product team and some features have already shifted over to Credit Karma. 

Mint helps users manage their budget, track expenses and keep track of subscriptions and monthly bills so you don't pay late fees. Intuit acquired the company in 2009 for $170 million, with Mint saying the acquisition would help bring the app to millions more users. 

Intuit will shift users to Credit Karma (a company it acquired in 2020), even though they're not exactly the same. Credit Karma is more like a banking app that lets users view transactions, monitor credit and see multiple accounts, but lacks the budget tracking features that make Mint attractive to many. Intuit specifically notes on a support page that "the new experience in Credit Karma does not offer the ability to set monthly and category budgets," instead helping users "build awareness" of their spending. However, Mint's net worth feature was recently ported over to Credit Karma.

Mint users will be able to transfer their accounts by logging into Credit Karma from the Mint app, after which they'll lose access to their Mint profiles. They can also download or erase any Mint data if they'd rather not switch. 

Some Mint users on Reddit don't seem thrilled with the switch, with one saying that without the budgeting feature, "Mint is just a glorified checkbook register." Intuit, meanwhile, was recently ordered to pay $141 million for deceiving millions of low-income Americans into paying for tax services that should have been free. 

A federal jury has found Sam Bankman-Fried, the founder of FTX, guilty on all seven counts of fraud and conspiracy he was charged with in relation to the downfall of his cryptocurrency exchange. According to The New York Times, he faces a maximum sentence of 110 years in federal prison. Bankman-Fried was arrested in the Bahamas back in December 2022 after the Department of Justice took a close look at his role in the rapid collapse of FTX. The agency examined whether he transferred hundreds of millions of dollars when the exchange filed for bankruptcy and whether FTX broke the law when it moved funds to sister company Alameda Research.

During Bankman-Fried's trial that took place over the past month, prosecutors argued that he used FTX's funds to keep Alameda Research running. The fallen entrepreneur also founded the cryptocurrency hedge fund, which was ran by his girlfriend Caroline Ellison, who was aware that he used FTX customers' money to help Alameda meet its liabilities. Bankman-Fried previously denied that he deliberately misused FTX's funds. The Times says his lawyers tried to portray him as a math nerd who had to grapple with "forces largely outside of his control," but the jury clearly disagreed after the prosecution called Ellison and three of Bankman-Fried's former top advisers to the witness stand. Ellison and all of those advisers had pleaded guilty, with the Alameda Research chief admitting that she committed fraud at Bankman-Fried's direction.

Bankman-Fried was charged with wire fraud on FTX customers, wire fraud on Alameda Research lenders, conspiracy to commit wire fraud on both, conspiracy to commit securities and commodities fraud on FTX customers, as well as conspiracy to commit money laundering. He is scheduled to be sentenced on March 28, 2024 by US District Judge Lewis A. Kaplan, who also presided over his trial. 

Apple's latest earnings report paints a picture of software wins amid a hardware slump. In a statement announcing the financial results for its fiscal fourth quarter, the company called out a new all-time high for revenue from its Services products. It also highlighted iPhone revenue as having set a September quarter record. However, this marks the fourth consecutive quarter of overall revenue decline, with its earnings of $89.5 billion representing a 1 percent drop year over year. This also means the record-breaking performances of the iPhone and Services divisions did little to offset weakness elsewhere. 

The lackluster performance is somewhat understandable, though. The company just had a launch event for its new M3 chips, MacBooks and an iMac this week, none of which can be bought yet. And though the new iPhone 15 lineup and Apple Watches were introduced in September, sales of those devices likely did not account for much of this fiscal quarter’s results. We're also anticipating a November release for new iPads this year, which could further fuel hardware revenue. 

Correspondingly, the Mac, iPad and wearables divisions were down this quarter, with the first two taking noticeable hits. Though Apple drummed up significant interest with the Vision Pro headset earlier this year, that device is far from ready to be sold to the public and is unlikely to hit the market until 2024 at the earliest. With holiday shopping about to ramp up, as well as more product releases on the horizon, it’s much more likely that the company’s hardware products will have a greater impact on its bottom line next quarter.

Samsung has been reporting steep profit declines and record-breaking losses over the past quarters, and while it has yet to go back to its previous numbers, it sounds optimistic for the future in its latest earnings report. The company credited the strong sales of its mobile flagship devices and its premium displays for doing better the past three months than the previous quarters. Samsung also said that its Device Solutions (DS) division, which includes its memory and foundry businesses, has narrowed its losses. It even expects demand for memory chips to recover gradually with the rise in popularity of artificial intelligence. 

The company has posted a consolidated revenue of KRW 67.40 trillion ($49.9 billion) for the third quarter of 2023, which shows a respectable 12 percent increase from the previous quarter's. It reported KRW 2.43 trillion ($1.80 billion) in profit, as well, and while that's a third of what it earned in the same period of 2022 — KRW 10.85 trillion or $7.6 billion — that figure still much better than the $527 million profit it reported for the second quarter. 

For its mobile and network business, in particular, it reported KRW 30 trillion ($22.17 billion) in consolidated revenue, as well as KRW 3.30 trillion ($2.44 billion) in operating profit. There was a higher demand in the third quarter compared to the second, Samsung said, thanks to the global smartphone market showing signs of recovery. If you'll recall, the company mostly blamed its drop in revenue for the second quarter to a decline in smartphone shipments. For this period, it says the Galaxy S23 series has maintained "solid sales momentum," while its foldables, tablets and wearables recorded strong sales. It expects smartphones sales to grow next quarter due to the holiday season and for the market to bounce back next year "as consumer sentiment stabilizes in anticipation of a global economic recovery."

Another segment that did well in the third quarter is Samsung's mobile panel business, which "reported a significant increase in earnings on the back of new flagship model releases by major customers." As Bloomberg notes, those new flagship model releases could include Apple's iPhone 15. Samsung intends to continue focusing on OLED panels for its mobile display business and plans to establish a supply chain catering to the augmented and virtual reality market. 

Finally, the company's semiconductor division posted KRW 3.75 trillion ($2.77 billion) in operating losses for the quarter, which is slightly better than its KRW 4.36 trillion ($3.23 billion) losses in the previous one. Samsung expects the demand for PCs and mobile devices to improve next period, and it's anticipating strong server demand from cloud service providers thanks to generative AI applications.