5 ms·

The board did it wrong. If you are going to fire a CEO, then do it quickly, but: 1. Have some explanation 2. Have a new CEO who is willing and able to do the

by lacker 3y ago

The board did it wrong. If you are going to fire a CEO, then do it quickly, but: 1. Have some explanation 2. Have a new CEO who is willing and able to do the job If you can't do these things, then you probably shouldn't be firing the CEO.

JumpCrisscross 3y ago
Or (3), shut down the company. OpenAI's non-profit board had this power! They weren't an advisory committee, they were the legal and rightful owner of its for-profit subsidiary. They had the right to do what they wanted, and people forgetting to put a fucking quorum requirement into the bylaws is beyond abysmal for a $10+ billion investment. Nobody comes out of this looking good. Nobody. If the board thought there was existential risk, they should have been willing to commit to it. Hopefully sensible start-ups can lure people away from their PPUs, now evident for the mockery they always were. It's beyond obvious this isn't, and will never be, a trillion dollar company. That's the only hope this $80+ billion Betamax valuation rested on. I'm all for a comedy. But this was a waste of everyones' time. At least they could have done it in private.
- lacker 3y ago
  It's the same thing, really. Even if you want to shut down the company you need a CEO to shut it down! Like John Ray who is shutting down FTX. There isn't just a big red button that says "destroy company" in the basement. There will be partnerships to handle, severance, facilities, legal issues, maybe lawsuits, at the very least a lot of people to communicate with. Companies don't just shut themselves down, at least not multi billion dollar companies.
  - JumpCrisscross 3y ago
    You’re right. But in an emergency, there is a close option which is to put the company into receivership and hire an outside law firm to advise. At that point, the board becomes the executive council.

5 ms·

The board did it wrong. If you are going to fire a CEO, then do it quickly, but: 1. Have some explanation 2. Have a new CEO who is willing and able to do the

by lacker 3y ago

JumpCrisscross 3y ago
Or (3), shut down the company. OpenAI's non-profit board had this power! They weren't an advisory committee, they were the legal and rightful owner of its for-profit subsidiary. They had the right to do what they wanted, and people forgetting to put a fucking quorum requirement into the bylaws is beyond abysmal for a $10+ billion investment. Nobody comes out of this looking good. Nobody. If the board thought there was existential risk, they should have been willing to commit to it. Hopefully sensible start-ups can lure people away from their PPUs, now evident for the mockery they always were. It's beyond obvious this isn't, and will never be, a trillion dollar company. That's the only hope this $80+ billion Betamax valuation rested on. I'm all for a comedy. But this was a waste of everyones' time. At least they could have done it in private.
- lacker 3y ago
  It's the same thing, really. Even if you want to shut down the company you need a CEO to shut it down! Like John Ray who is shutting down FTX. There isn't just a big red button that says "destroy company" in the basement. There will be partnerships to handle, severance, facilities, legal issues, maybe lawsuits, at the very least a lot of people to communicate with. Companies don't just shut themselves down, at least not multi billion dollar companies.
  - JumpCrisscross 3y ago
    You’re right. But in an emergency, there is a close option which is to put the company into receivership and hire an outside law firm to advise. At that point, the board becomes the executive council.