OpenAI CEO Sends Part of His Own Funds to Startups Affected by SVB Collapse

It is reported by Reuters. Altman’s brother, Jack, wrote on his Twitter account that Sam sends money to Silicon Valley startups “out of his own pocket” from him.

This information was confirmed to publication by the CEO of Rad AI’s cardiologist software developer, Dr. Gurson.

“I was running out of options and emailed him,” the Rad AI co-founder said. Gurson added that “within an hour or two” Altman wrote back, offering him “a six-figure sum” without strings attached or requiring him to sign documents.

According to the entrepreneur, the head of Open AI offered the startup owner to return the funds when he could.

“I remember the investors who helped me when I started a startup and I really needed help, and I always try to pay off the debt,” Altman responded to a request from Reuters.

Earlier, the CEO of startup accelerator Y Combinator, Harry Tan, wrote on Twitter that the collapse of SVB could result in the “extinction” of small IT startups and the industry setback for 10 years or more. .

For this reason, other company executives and venture investors also help those affected by the bankruptcy of SVB. In particular, the fintech startup Brex offered urgent lines of credit for the payment of salaries for startups. By Saturday night, the organization had received $1.5 billion in bids from nearly 1,000 companies.

In another example, Streak founder Alim Mawani, a director of a company with 30 employees, tweeted that he was willing to lend personal funds to small start-ups with no strings attached to paying salaries.

On Saturday night, more than 3,500 CEOs and founders of companies with approximately 220,000 employees signed a Y Combinator petition to US Treasury Secretary Janet Yellen asking them to support SVB taxpayers. .

According to The Times, 200 UK IT startups have made a similar request to UK Chancellor of the Exchequer Jeremy Hunt.