SEC Investigates Whether OpenAI Deceived Investors

The Securities and Exchange Commission sent a subpoena to ChatGPT creator OpenAI in December, requesting internal communications from CEO Sam Altman and current and former officials and directors into whether investors were misled, the Wall Street Journal reported, citing people familiar with the investigation.

The subpoena followed the unexpected firing of Altman by the board last fall, which sparked two weeks of chaos for the non-profit AI startup. At the time, the board said the ouster was due to an internal review, which found Altman was "not consistently candid in his communications with the board" and said it no longer had confidence in him. 

Two weeks after the ouster, Altman returned as CEO, and as part of the deal, a new board with former Salesforce co-CEO Bret Taylor serving as chair. 

Sources say some senior OpenAI executives were asked by SEC officials in New York to preserve internal documents as the investigation continues.