Relevant bits: > The SEC enforces laws that forbid people from misleading investors, regardless of whether fundraisers seek capital in public or private market

Relevant bits: > The SEC enforces laws that forbid people from misleading investors, regardless of whether fundraisers seek capital in public or private markets. The SEC often closes investigations without making formal accusations of wrongdoing. > Some of the people familiar with the investigation described it as a predictable response to the former OpenAI board’s claim in its November statement. One of the people said that the SEC hasn’t pointed to any specific statement or communication by Altman that it has deemed misleading. > The SEC’s civil investigation has been percolating in the background as OpenAI officials pitched investors as part of its recently closed tender offer, which valued the AI juggernaut behind viral chatbot ChatGPT at more than $80 billion. > OpenAI is governed by a nonprofit. Investors in its for-profit arm include employees, venture capitalists, and Microsoft MSFT 0.06%increase; green up pointing triangle, which has committed $13 billion to the company in exchange for what is essentially a 49% stake in the earnings of its for-profit arm. > At that time of the leadership turmoil, OpenAI executives started getting questions from regulators and law-enforcement entities such as the Manhattan U.S. Attorney’s Office about the board’s accusation of Altman’s lack of candor, The Wall Street Journal reported in November.