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The power generation in first two months of the second quarter of current financial year rose marginally by 1.5 per cent on-year due to heavy rainfall during these months, <keyword id="105309" type="General" weightage="50" keywordseo="emkay-global-financial-services" source="Orion">Emkay Global Financial Services</keyword> said in a report. This was sharply lower than 16 per cent growth in the first quarter of the current financial year, which had the impact of low base due to Covid-19. August generation has been less than 1 per cent. On a 3-year CAGR basis, growth for the two months has been 3.5-5 per cent. "A closer look into the electricity demand pattern suggests that heavy rains during July-August 2022 (up 30 per cent <keyword id="63194" type="General" weightage="80" keywordseo="yoy" source="Orion">YoY</keyword>) might be the main reason for the same. Both residential and agricultural demand has high corelation to weather conditions. As the rainy season recedes, we believe growth in power demand will normalize to the medium-term figure of ~5 per cent," the report said. <keyword id="209265" type="General" weightage="50" keywordseo="hydro" source="Orion">Hydro</keyword> growth has been strong at 10 per cent, while Thermal and RE growth stood flat to moderate at 2 per cent. While, coal production reported 11.4 per cent and 8.3 per cent YoY growth for July and August, respectively. Coal dispatch is up 8.5 per cent/5.4 per cent YoY for the two months, although there was some tapering in growth. As per report, overall coal dispatch has been ~7 per cent for these two months, the power sector has received ~14 per cent higher coal in August 2023 as against August 2022 - YTD numbers stand at 20 per cent. This is good compared to last year, when India faced good demand upsurge during Sep-Oct and many thermal units did not have enough inventory. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/satellite-internet-provider-hughes-communications-india-on-monday-announced-the-commercial-launch-of-indias-first-high-throughput-satellite-hts-broadband-service-powered-by-the-indian-space-research-organisation-isro-as-the-elon-musk-run-spacex-abandoned-its-affordable-internet-project-starlink-in-the-country-/articleshow/94151236.cms">Hughes, ISRO launch satellite internet service in India as Musk's Starlink disappears</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/lenskart-and-mirae-asset-capital-sign-up-with-razorpay-for-online-transactions/articleshow/94150744.cms">Lenskart and Mirae Asset Capital sign up with Razorpay for online transactions</a>

Power generation rises marginally in July-Aug on heavy rain: Emkay Global

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Happy Friday! Here's how to do your good deed of the day, and it doesn't cost you a dime. Amazon will tip your delivery driver $5 if you thank them through the app. <a href="https://www.businessinsider.com/how-to-tip-thank-amazon-delivery-driver-extra-5-free-2023-12" target="_blank" rel="noopener">Here's how to do it.</a>In today's big story, we're looking at the data <a href="https://www.businessinsider.com/vibe-check-gen-z-survey-data-2023-12" target="_blank" rel="noopener">from a recent poll</a> we conducted on Generation Z's thoughts on the <a href="https://www.businessinsider.com/how-gen-z-is-rewriting-the-rules-of-work-2023-11">workplace</a> and the <a href="https://www.businessinsider.com/gen-z-capitalism-socialism-inequality-healthcare-democrats-republicans-biden-trump-2023-11" target="_blank" rel="noopener">economy.</a>What's on deck: <ul><li>Markets: There's no point waiting for the <a href="https://www.businessinsider.com/housing-market-outlook-us-mortgage-rates-fall-prices-barbara-corcoran-2023-12" target="_blank" rel="noopener">housing market to improve</a>.</li><li>Tech: Some Nvidia employees have gotten so rich <a href="https://www.businessinsider.com/nvidia-employees-rich-happy-problem-insiders-say-2023-12" target="_blank" rel="noopener">they've entered "semi retirement."</a></li><li>Business: These 10 leaders are <a href="https://www.businessinsider.com/industry-leaders-transforming-business-2023-11" target="_blank" rel="noopener">upending the world of business</a>.</li></ul>But first, let's hear the kid out.If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3>The big story</h3><h2>Gen Z by the numbers</h2><a href="https://www.businessinsider.com/vibe-check-gen-z-survey-data-2023-12"></a><div type="image" title="Graphic of person holding sign that says &quot;Capitalism is&quot; with poop emoji, and cell phone with dollar bills on the screen" height="500" width="1000" msid="106029801" hostid="261"></div>Have you ever had a question about Generation Z you were too afraid to ask? We've got you covered.Business Insider, in partnership with YouGov, surveyed more than 600 Gen Zers on their beliefs.The data, <a href="https://www.businessinsider.com/vibe-check-gen-z-survey-data-2023-12" target="_blank" rel="noopener">compiled here</a>, provides a fascinating look into the ideology of the youngest generation in the workforce.In many ways, for all its eccentricities, Gen Z is similar to other generations. They're worried about AI. They stress about money. They want a job that pays well. But one area that seems unique to them is <a href="https://www.businessinsider.com/gen-z-capitalism-socialism-inequality-healthcare-democrats-republicans-biden-trump-2023-11" target="_blank" rel="noopener">their preferred economic system</a>.While older generations lean toward favoring capitalism, Gen Zers are almost perfectly split between their support for socialism (28%) and capitalism (29%). It's not a one-size-fits-all approach, <a href="https://www.businessinsider.com/gen-z-capitalism-socialism-inequality-healthcare-democrats-republicans-biden-trump-2023-11" target="_blank" rel="noopener">as BI's Jacob Zinkula reports</a>. Certain capitalist ideas, like private home ownership and entrepreneurship, aren't taboo for Gen Z.But issues arise for Gen Zers when it comes to the high costs of housing and education, the healthcare system, or the general inequality that exists in the country, experts say.<a href="https://www.businessinsider.com/vibe-check-gen-z-survey-data-2023-12"></a><div type="image" title="gen z data" height="740" width="1480" msid="106029802" hostid="261"></div>Regardless of your feelings about Gen Z's economic position, you must take them seriously.The generation has proven adept at making their voices heard in the workplace and never backing down.Millennials largely entered the workforce in the shadow of the financial crisis. And while that event might have made them resent capitalism, they were also happy just to have a job. Gen Z has no such reservations. Emboldened by a relatively strong job market, Gen Zers <a href="https://www.businessinsider.com/how-gen-z-is-rewriting-the-rules-of-work-2023-11" target="_blank" rel="noopener">have questioned workplace norms since the beginning</a>. "I think now we're just going to continue to push the boundaries and ask questions, like is this meeting an effective use of our time or is coming into the office five days a week an effective use of our time?" a Gen Zer told <a href="https://www.businessinsider.com/how-gen-z-is-rewriting-the-rules-of-work-2023-11">BI's Juliana Kaplan and Sarah Jackson</a>.But it'll be interesting to see how Gen Z's ideals evolve as they age and, more importantly, when the economy shifts. White-collar jobs were largely spared during the pandemic, and many junior employees ended up better off financially in the wake of it.If a deeper recession were to hit, as some have predicted, that's unlikely to be the case. And Gen Z might find it harder to speak up when times are tough.<h2>3 things in markets</h2><a href="https://markets.businessinsider.com/news/stocks/fed-meeting-powell-forecast-rosenberg-stock-market-outlook-crash-recession-2023-12"></a><div type="image" title="David Rosenberg" height="960" width="1920" msid="106029803" hostid="261"></div><ol><li>A veteran economist has a pessimistic view on the latest Fed news. While most investors embraced the Fed predicting three rate cuts in 2024, David Rosenberg had a different take. He believes the Fed's latest growth projection indicates it <a href="https://markets.businessinsider.com/news/stocks/fed-meeting-powell-forecast-rosenberg-stock-market-outlook-crash-recession-2023-12" target="_blank" rel="noopener">views stocks as overpriced and a recession on the horizon</a>. </li><li>If things do go south, here's how to invest. Vanguard mapped out seven investments to make to get ahead of a tough 2024. From the type of bonds to focus on to the benefit of investing in non-US companies, <a href="https://markets.businessinsider.com/news/stocks/how-to-invest-2024-stock-market-outlook-economy-recession-vanguard-2023-12" target="_blank" rel="noopener">here's what the firm recommends</a>.</li><li>The housing market won't get better than this. It might be hard to believe, but veteran real-estate investor Barbara Corcoran says you're "dead wrong" <a href="https://www.businessinsider.com/housing-market-outlook-us-mortgage-rates-fall-prices-barbara-corcoran-2023-12" target="_blank" rel="noopener">if you think you'll get a better deal waiting</a> to buy a home. A drop in interest rates will just kick off a feeding frenzy, the "Shark Tank" investor said. </li></ol><h2>3 things in tech</h2><a href="https://www.businessinsider.com/nvidia-employees-rich-happy-problem-insiders-say-2023-12"></a><div type="image" title="Nvidia's CEO Jensen Huang" height="960" width="1920" msid="106029804" hostid="261"></div><ol><li>Nvidia has become a victim of its own success. The tech firm's surge in stock price has led long-tenured employees to get obscenely rich, <a href="https://www.businessinsider.com/nvidia-employees-rich-happy-problem-insiders-say-2023-12" target="_blank" rel="noopener">leading some not to do their fair share of work</a>. It's become such a problem that Nvidia's CEO Jensen Huang addressed it during a recent company all-hands, according to those in attendance. </li><li>Second thoughts on the Cybertruck. Now that the Tesla truck's full details — and <a href="https://www.businessinsider.com/tesla-cybertruck-replacement-parts-leaked-costs-2023-12" target="_blank" rel="noopener">price</a> — have emerged, some reservation holders are reconsidering purchasing it. <a href="https://www.businessinsider.com/tesla-cybertruck-reservation-holders-reconsidering-price-range-power-2023-12" target="_blank" rel="noopener">Here's what is giving people pause</a>.</li><li>Why the other Altman is stepping down. Jack Altman, brother to OpenAI CEO Sam Altman, is leaving his role as CEO of Lattice, the HR startup he cofounded eight years ago. <a href="https://www.businessinsider.com/jack-altman-steps-down-ceo-cofounder-lattice-2023-12" target="_blank" rel="noopener">He explained why he's moving on</a> after helping the company navigate some hectic times.</li></ol><h2>3 things in business</h2><a href="https://www.businessinsider.com/industry-leaders-transforming-business-2023-11"></a><div type="image" title="Photographed left to right: Neal Mohan, CEO of YouTube; Julie Su, acting US Secretary of Labor; Ramki Muthukrishnan, head of US leveraged finance at S&amp;P Global; Janelle Jones, chief economist and policy director at the Service Employees International Union; Eileen Fisher, founder of the brand Eileen Fisher" height="500" width="1000" msid="106029805" hostid="261"></div><ol><li>Meet 10 industry leaders transforming business. From the tech we use (OpenAI's Mira Murati) to the key policies shaping the workforce (acting US Secretary of Labor Julie Su), these people are at the forefront of important issues. <a href="https://www.businessinsider.com/industry-leaders-transforming-business-2023-11" target="_blank" rel="noopener">Read more about the 10 leaders upending business</a>.</li><li>Big changes at GM's Cruise. The self-driving startup subsidiary of General Motors is <a href="https://www.businessinsider.com/gm-cruise-cleans-house-fires-executives-report-2023-12" target="_blank" rel="noopener">cutting executives and laying off nearly 1,000 workers</a>. The shakeup comes after a crash involving a pedestrian and its founder and CEO leaving the company.</li><li>What's next for music on TikTok. The app had its first in-person music event in Arizona over the weekend. Its global head of music partnerships and programming <a href="https://www.businessinsider.com/tiktok-music-exec-why-introducing-concerts-artist-tools-2023-12" target="_blank" rel="noopener">details TikTok's ambitions to add more tools for artists</a>.</li></ol><h2>In other news</h2><ul><li><a href="https://www.businessinsider.com/hunter-bidens-tax-returns-reveal-debt-kevin-morris-irs-12" target="_blank" rel="noopener">Exclusive: Hunter Biden's tax returns</a></li><li><a href="https://www.businessinsider.com/nasa-elon-musk-spacex-drugs-investigation-outcome-2023-12" target="_blank" rel="noopener">NASA paid $5 million for a probe into drug use at SpaceX after Elon Musk was filmed smoking weed. It still won't say what it found.</a></li><li><a href="https://www.businessinsider.com/mark-zuckerberg-reportedly-building-hawaii-home-with-escape-hatch-bunker-2023-12">Mark Zuckerberg is reportedly building a Hawaii compound with plans for an escape hatch, 'blind doors,' and an underground bunker</a></li><li><a href="https://www.businessinsider.com/bp-ex-ceo-loses-forty-million-over-relationships-with-colleagues-2023-12" target="_blank" rel="noopener">BP ex-CEO loses $40 million over relationships with colleagues</a></li><li><a href="https://www.businessinsider.com/openai-sam-altman-knows-who-to-work-with-10-minutes-2023-12">OpenAI CEO Sam Altman says it takes just 10 minutes to decide if he wants to work with someone 90% of the time</a></li><li><a href="https://www.businessinsider.com/millennial-parenting-rules-boundaries-boomer-grandparents-advice-2023-12" target="_blank" rel="noopener">I wanted my boomer parents and in-laws to respect my parenting choices, so I set boundaries with them. Other millennials should do the same thing.</a></li><li><a href="https://www.businessinsider.com/things-former-employee-would-never-do-at-a-hotel-2023-12" target="_blank" rel="noopener">8 things you should never do in a hotel, according to someone who worked at a popular chain</a></li><li><a href="https://www.businessinsider.com/tipping-slowdown-americans-pull-back-on-paying-2023-12s" target="_blank" rel="noopener">Tipping is continuing to decline as Americans push back against an increase in requests</a></li><li><a href="https://www.businessinsider.com/chris-small-amazon-labor-union-president-not-seeking-reelection-2023-12" target="_blank" rel="noopener">Chris Smalls, Amazon Labor Union president and founder, tells Business Insider he will not run for reelection</a></li><li><a href="https://www.businessinsider.com/us-consumers-best-financial-shape-ever-174-trillion-assets-debt-2023-12" target="_blank" rel="noopener">CHART OF THE DAY: $174 trillion in assets shows that US consumers are in the best financial shape ever</a></li></ul><h2>What's happening today</h2><ul><li>And the Daytime Emmy goes to… The 50th edition of the awards includes 19 nominations for "General Hospital," the longest-running American soap opera in production. </li><li>Happy birthday, Don Johnson! The former "Miami Vice" star turns 74 today.</li><li>Happy Bill of Rights Day! It's the anniversary of the first 10 amendments of the US Constitution becoming effective in 1791.</li></ul><h3>News Quiz</h3><h2>How well do you know the news?</h2>Test your knowledge of the week's top stories with Business Insider's news quiz.<ul><li>From Monday: This OpenAI executive's future at the company is up in the air after playing a key role in Sam Altman's ouster.</li><li>From Tuesday: Which Major League Baseball star recently signed a massive contract that impacted his native country's stock market?</li><li>From Wednesday: How much is former Microsoft CEO Steve Ballmer set to earn in dividends annually from his stake in the tech giant? </li><li>From Thursday: Which Wall Street billionaire paid for the air rights above St. Patrick's Cathedral in New York City?</li><li>From Friday: The former CEO of this giant oil company lost $40 million over relationships with colleagues.</li></ul>Check Saturday's edition of Insider Today for the answers.The Insider Today team: <a href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, deputy editor and anchor, in New York City. <a href="https://www.businessinsider.com/author/diamond-naga-siu">Diamond Naga Siu</a>, senior reporter, in San Diego. <a href="https://www.businessinsider.com/author/hallam-bullock">Hallam Bullock</a>, editor, in London. <a href="https://www.businessinsider.com/author/lisa-ryan">Lisa Ryan</a>, executive editor, in New York.

One of the biggest things young workers are split over is their support of capitalism and socialism

Bengaluru, Bengaluru-headquartered <keyword id="2461546" type="DOMAIN" weightage="20" keywordseo="FinTech">FinTech</keyword> lending startup <keyword id="6557529" type="UNKNOWN" weightage="20" keywordseo="KreditBee">KreditBee</keyword> on Monday said it has concluded its Series C equity round worth $75 million (about ₹545 crore) from <keyword id="648852" type="LOCATION" weightage="20" keywordseo="Premji-Invest">Premji Invest</keyword>, Mirae Asset Naver Asia Growth Fund, Alpine Capital and <keyword id="9361494" type="COMPANY" weightage="20" keywordseo="Arkam-Ventures">Arkam Ventures</keyword> consisting of both primary and secondary investment. With the current round of fund raise, the company wants to drive credit uptake in the economy especially for the unserved and underserved segment of the population. "With a larger portfolio of loan products, our objective is to provide credit to over 180 million New-to-Credit customers who were not provided formal credit earlier. This investment would help us take more positive steps towards achieving that," <keyword id="229206" type="DOMAIN" weightage="20" keywordseo="Madhusudan">Madhusudan</keyword> E, Co-Founder &amp; CEO of KreditBee, said in a statement. The holding entity previously raised over $43 million cumulatively in equity from marque investors including ICICI Bank and Arkam Ventures. Registered in March 2016, the group entity also holds Krazybee Services Private Limited -- a non-deposit taking non-banking financial company (NBFC-ND-SI). The group launched its flagship brand KreditBee in May 2018, focused on full-stack digital lending for young professionals. The platform specialises in providing digital personal loans and consumer durable loans to both salaried and self-employed. The loan amount disbursed can go as high as ₹2 lakh while the tenures range from two months to 15 months. The company said it currently has over 1,200 employees and a user base of over 20 million with over 4 million credit customers. The platform plans to diversify its product offering by venturing into digitally-enabled secured loans, home loans and credit line. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-s21-ultra-5g-review-the-best-android-smartphone-yet/articleshow/80913148.cms">Samsung Galaxy S21 Ultra 5G review – the best Android smartphone, yet</a> <a href="https://www.businessinsider.in/business/startups/news/this-startup-helps-you-watch-shows-shop-online-and-access-the-internet-even-without-a-data-connection/articleshow/80918896.cms">This startup helps you watch shows, shop online and access the internet even without a data connection</a> <a href="https://www.businessinsider.in/science/research/news/worlds-oldest-beer-factory-discovered-in-egypt-was-producing-50000-pints-at-a-time/articleshow/80920087.cms">Drink like an Egyptian: Historians discover the world’s oldest beer factory in Egypt</a> <a href="https://www.businessinsider.in/stock-market/news/elon-musk-wants-major-holders-of-cryptocurrency-dogecoin-to-sell-most-of-their-coins/articleshow/80920866.cms">Elon Musk wants major holders of cryptocurrency Dogecoin to sell ‘most of their coins’</a>

Lending startup KreditBee gets ₹545 crore from Premji invest, Mirae Asset and others

Homegrown micro-blogging platform <keyword id="3518161" type="PERSON" weightage="20" keywordseo="koo">Koo</keyword> on Wednesday said it has raised $30 million in Series B funding, led by Tiger Global. Koo has garnered nearly 60 lakh downloads in just a year of operations. "We have aggressive plans to grow into one of the world's largest social media platforms in the next few years. Every Indian is cheering for us to get there soon. Tiger Global is the right partner to have on board to realise this dream," said Aprameya Radhakrishna, <keyword id="170488" type="COMPANY" weightage="20" keywordseo="co-founder">Co-Founder</keyword> and CEO of Koo. Koo's existing investors <keyword id="144381" type="COMPANY" weightage="20" keywordseo="Accel-Partners">Accel Partners</keyword>, <keyword id="1397792" type="COMPANY" weightage="20" keywordseo="Kalaari-Capital">Kalaari Capital</keyword>, <keyword id="592779" type="COMPANY" weightage="20" keywordseo="Blume-Ventures">Blume Ventures</keyword> and Dream Incubator also participating in the round. IIFL and Mirae Assets are other new investors who have come on board the cap table with this round, the company informed. Koo last week said it has met the compliance requirements of the new IT (Intermediary Guidelines) Rules 2021 ahead of its May 25 deadline set by the Ministry of Electronics and Information Technology (MeitY). Koo said earlier this month announced to launch a unique feature that will help users speak and type messages without using the keyboard in regional languages, apart from English. Called 'Talk to Type,' the feature will help Koo users speak out their thoughts and the words will show up on the screen at the click of a button. Founded last year, the vernacular micro-blogging platform Koo crossed 60 lakh users within no time and aims to garner 10 crore users by the end of this year. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/whatsapp-moves-the-delhi-high-court-against-indias-new-it-laws-says-report/articleshow/82965251.cms">WhatsApp moves the Delhi High Court against India’s new IT laws, says report</a> <a href="https://www.businessinsider.in/science/environment/news/cyclone-yaas-will-unleash-its-fury-for-another-12-to-18-hours-after-making-landfall/articleshow/82964922.cms">Cyclone Yaas will unleash its fury for another 12 to 18 hours after making landfall</a>

India's micro-blogging app Koo raises $30 million led by Tiger Global

<ul class="summary-list"><li>OpenAI just lost another key leader, CTO Mira Murati.</li><li>The departure comes as OpenAI seeks to raise billions of dollars of capital.</li></ul>OpenAI's bumpy year just got a little rougher.On Wednesday, OpenAI lost its Chief Technology Officer, <a target="_blank" href="https://www.businessinsider.com/mira-murati-openai-cto-leaving-executive-memo-staff-2024-9">Mira Murati.</a> Following <a target="_blank" href="https://www.businessinsider.com/sam-altman-openai-note-more-staff-exits-barret-bob-2024-9">CEO Sam Altman</a>'s brief ousting last year, Murati had been the company's unofficial spokesperson and face.The announcement that Murati is on her way out was followed by two more high-level departures: Barret Zoph, the VP of research, and Bob McGrew, chief research officer, both announced their exits on X.All this comes at a critical time for OpenAI. It's in the middle of a mega fundraising round that could take it over the line of a $150 billion valuation. The company has also been trying to attract juggernaut investors like Microsoft and Nvidia to raise <a target="_blank" class="" href="https://www.businessinsider.com/openai-fundraising-150-billion-valuation-new-funding-round-altman-thrive-2024-9">$6.5 billion</a> in capital.Here are four of the key challenges OpenAI is now up against.A spokesperson for OpenAI did not immediately respond to a request for comment from BI.<h2 id="83d5b714-41a1-4405-a03b-61ecd730e364">OpenAI bleeds C-suite executives</h2>As OpenAI chases a massive fundraising round, the startup continues to deal with a staff exodus.Murati's departure adds to the growing list of key employees leaving the company. Of the <a target="_blank" rel=" nofollow" class="" href="https://www.ft.com/content/638f67f7-5375-47fc-b3a7-af7c9e05b9e0">11 cofounders</a> of OpenAI from 2015, <a target="_blank" rel="" class="" href="https://www.businessinsider.com/crew-of-10-helped-sam-altman-found-openai-dwindled-2-2024-8">only Altman, Greg Brockman, and Wojciech Zaremba remain</a>.OpenAI president Brockman is on an extended leave until the end of the year. <a target="_blank" class="" href="https://www.businessinsider.com/man-who-revolted-against-sam-altman-just-started-research-lab-2024-6">Ilya Sutskever</a>, the company's cofounder and chief scientist, <a target="_blank" class="" href="https://www.businessinsider.com/ilya-sutskever-leaving-openai-6-months-after-failed-altman-ouster-2024-5">announced his departure from the company in May</a>. In August, tech outlet The Information reported that OpenAI's cofounder John Schulman and Peter Deng, the vice president of consumer product, left the startup.In October, Wired magazine ran a cover that featured Altman, Murati, Brockman, and Sutskever posing together and dubbing them the "AI overlords." A year later, only one of those four remains active at the company."A CEO needs a team to run a complex organization," James Park, a corporate law professor at the University of California, Los Angeles, told Business Insider. "Without a C-suite, I'd be concerned that the CEO will not be able to make informed decisions about the myriad of issues that arise in running a corporation."Employees at OpenAI were also caught off guard by Murati's announcement, prompting "wtf" responses in the company's Slack, Bloomberg reported.Gene Munster, a tech analyst and managing partner at Deepwater Asset Management, told BI that Murati's departure comes at an unsual time."The timing is strange given that OpenAI is in the process of raising much dough," he said. "Usually that doesn't happen. She's been Altman's right-hand person."The glaring void in OpenAI's C-suite has become the <a target="_blank" class="" href="https://www.businessinsider.com/openai-talent-exodus-joke-tech-world-mira-murati-sam-altman-2024-9">social media joke of the moment among VCs.</a>Altman said on Wednesday that, as far as he's concerned, "leadership changes are a natural part of companies, especially companies that grow so quickly and are so demanding.""I obviously won't pretend it's natural for this one to be so abrupt, but we are not a normal company, and I think the reasons Mira explained to me (there is never a good time, anything not abrupt would have leaked, and she wanted to do this while OpenAI was in an upswing) make sense," Altman <a target="_blank" class="" href="https://twitter.com/sama/status/1839096160168063488">wrote</a> on X.<h2 id="83436fe9-c75a-4529-9904-642bc9c41852">OpenAI's conversion to a for-profit company — and a big Musk lawsuit</h2>Soon after Murati's announcement, <a target="_blank" class="" href="https://www.reuters.com/technology/artificial-intelligence/openai-remove-non-profit-control-give-sam-altman-equity-sources-say-2024-09-25/">Reuters</a> reported that OpenAI's <a target="_blank" class="" href="https://www.businessinsider.com/open-ai-sam-altman-equity-stake-valuation-private-nonprofit-9">nonprofit board will no longer control the company's for-profit sector</a>, citing anonymous sources familiar with the matter.The nonprofit side of OpenAI will still exist and have a minority stake in the for-profit company, the sources told Reuters."The change to a for-profit governance structure is not surprising," Park, the corporate law expert, told BI. "Given the ambitions of OpenAI, a non-profit structure has been too constraining. To raise investor funds, OpenAI will have to generate profits."The debate over whether OpenAI should be a for-profit company has been a bone of contention for one very vocal tech industry bigwig — Elon Musk.Musk, one of the cofounders of OpenAI, <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-sues-openai-sam-altman-again-why-2024-8">revived his lawsuit against the company in August</a>. Musk is now accusing OpenAI of deceiving him into co-founding the firm. Musk's lawyers have also alleged that Altman was part of a "long con" to convince Musk that OpenAI would be a nonprofit that would build a safe AI to benefit humanity.OpenAI, in response to Musk's renewed legal battle against it, told <a target="_blank" rel="" class="" href="https://www.businessinsider.com/elon-musk-fightingwars-alot-of-fronts-2024-8">Business Insider</a> in an August statement: "As we said about Elon's initial legal filing, which was subsequently withdrawn, Elon's prior emails continue to speak for themselves."<h2 id="2b31d4d2-2946-4d4d-a2ab-06a047a4b4dc">Critics are getting louder</h2>OpenAI's switch-up to its corporate governance leaves room for the startup to adhere to its touted mission of benefiting humanity.But the new structure also raises new risks and some OpenAI critics say it gives further credence to the argument that <a target="_blank" class="" href="https://www.businessinsider.com/sam-altman-openai-glory-days-ending-problems-chatgpt-2024-5">Altman</a> is not truly invested in building a safe AI.Gary Marcus, the founder of machine-learning company Geometric Intelligence and the former head of Uber's AI lab, wrote in an August column for <a target="_blank" class="" href="https://www.theguardian.com/technology/article/2024/aug/03/open-ai-sam-altman-chatgpt-gary-marcus-taming-silicon-valley">The Guardian</a> that Altman has repeatedly misled the public about his financial stake in OpenAI and that the CEO's company has been quietly lobbying for weaker global regulations."We simply can't trust giant, privately held AI startups to govern themselves in ethical and transparent ways," Marcus wrote. "And if we can't trust them to govern themselves, we certainly shouldn't let them govern the world."Under the new structure, OpenAI's for-profit arm would no longer be beholden to the nonprofit board, and Altman, for the first time, would receive equity, sources told Reuters."They are jettisoning any layer of oversight that might make them responsible to humanity," Marcus told BI in an email. "How could that not be worrying?"Park, the corporate law expert, told BI that the for-profit governance structure could also leave OpenAI vulnerable to greater government scrutiny."The danger is that there will be a stronger argument for government scrutiny of the company's efforts because of the concern it will take unacceptable risks in pursuing profitability," he said.<h2 id="6ed2325d-aea5-4e1a-beb2-8f70e366415d">A growing field of competition</h2>As the company hopes to attract and retain top talent, OpenAI also faces several formidable competitors, including Meta and Musk's xAI, which just got a new supercomputer factory.Meta launched its latest iteration of its language model, <a target="_blank" class="" href="https://www.businessinsider.com/mark-zuckerberg-open-source-ai-platforms-future-competition-apple-llama-2024-9">Llama</a>, in July. CEO Mark Zuckerberg has been praised for its <a target="_blank" class="" href="https://www.businessinsider.com/mark-zuckerberg-meta-llama-ai-model-praise-open-source-musk-2024-7">open-source model</a>.Musk's xAI is also starting to play catch-up with rivals after the company debuted its supercomputer, <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-xai-chips-mark-zuckerberg-2024-9">Colossus</a>. Musk says Colossus is powered by 100,000 Nvidia chips.Munster, the tech analyst, told BI that Murati's resignation represents a huge loss for OpenAI — but it doesn't alter the company's trajectory or its leads in the race to artificial general intelligence."OpenAI is in the lead now and I don't think this changes it," he said.Murati's exit, the analyst added, wouldn't have the same impact as it would if Altman were to leave the company. When Altman was suddenly ousted by the board last November, dozens of employees responded on X with a <a target="_blank" class="" href="https://www.businessinsider.com/sam-altman-kicked-off-a-flood-of-emoji-posts-from-openai-executives-what-do-they-mean-2023-11">heart emoji</a>, signaling solidarity with their CEO."Sam Altman is bigger than the company," Munster said. "That would be a big deal. There would be a mass resignation. But beyond that, you're not gonna have mass resignation just cause (Murati's) leaving. The company's on a great track. They're going to retain the talent. And they're probably going to win the AI race."

OpenAI has 4 big challenges it needs to conquer in its quest for AI dominance       

Fintech platform <keyword id="6557529" type="General" weightage="100" keywordseo="kreditbee" source="Orion">KreditBee</keyword> on Friday said it has closed $200 million in its Series D round by raising an additional $100 million in primary funding from <keyword id="312345" type="General" weightage="80" keywordseo="advent-international" source="Orion">Advent International</keyword>, Mitsubishi UFJ Financial Group (<keyword id="380218" type="General" weightage="80" keywordseo="mufg" source="Orion">MUFG</keyword>) and existing investors. Last month, the company raised tranche 1 of Series D from MUFG, Japan's largest bank, along with existing investors Premji Invest, <keyword id="15088227" type="General" weightage="50" keywordseo="motilal-oswal-alternates" source="Orion">Motilal Oswal Alternates</keyword>, NewQuest Capital Partners, and Mirae Asset Venture Investments. KreditBee said the additional capital raised will be deployed towards scaling the existing business and diversifying its product offering by venturing into digitally enabled financial products. "This reinforces the confidence in our profitable business model and its long-term sustainability of it. The latest round will help us to achieve our vision of serving over 400 million middle-income population in the country," said Madhusudan Ekambaram, Co-Founder and CEO, KreditBee. The platform aims to cross-asset under management (AUM) of more than $1 billion over the next 6-9 months. "We believe KreditBee's proprietary underwriting tech stack is one of the best in the industry and helps in its ability to identify and underwrite future prime customers at an early stage," said <keyword id="1581364" type="General" weightage="50" keywordseo="shweta-jalan" source="Orion">Shweta Jalan</keyword>, Managing Partner at Advent International. KreditBee currently has 7 million loan customers, out of which over 3 million are active loan customers. "KreditBee has witnessed several credit cycles and has come out stronger each time reflecting the adaptability and resilience of its business model," said Ashish Dave, CEO of Mirae Asset Venture Investments. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/an-aai-and-two-college-dropouts-home-snacks-biz-sends-shark-tank-judges-into-a-bidding-war/articleshow/96784920.cms">An aai and two college dropouts’ home snacks biz sends Shark Tank judges into a bidding war</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/reliance-makes-open-offer-to-acquire-26-stake-in-lotus-chocolate/articleshow/96791043.cms">Reliance makes open offer to acquire 26% stake in Lotus Chocolate</a>

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