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Oversight chair seeks information from OpenAI’s Sam Altman about potential financial conflicts

The chair of the House Oversight Committee has sent a letter to OpenAI Chief Executive Sam Altman requesting information about potential conflicts of interest between Altman’s personal investments and his operation of the company.

The letter, sent Friday, comes amid a high-stakes legal battle currently playing out in an Oakland federal courtroom between one-time partners Altman and Elon Musk, the world’s richest man, who in 2015 co-founded the AI company best known for creating ChatGPT.

The company was first established solely as a non-profit corporation and the letter sent to Altman by Rep. James Comer (R-Ky.), the Republican chair of the Oversight committee, indicates that the committee is “investigating potential conflicts of interest involving capital from nonprofit corporations invested in startups and other for-profit companies.”

Comer has requested by May 22 a briefing from the company official responsible for oversight of potential conflicts involving company officers and directors, including Altman, as well as all documents related to conflict of interest policies and guidance for those executives.

While OpenAI was created as a non-profit designed to responsibly harness the power of the emerging artificial intelligence technology, the company created a for-profit subsidiary in 2019 and three years later released ChatGPT, which jumpstarted widespread adoption of the technology.

Musk, the chief executive of Tesla, left Open AI’s board in 2018, one year before the creation of the for-profit arm. He is arguing that Altman and another co-founder, Greg Brockman, betrayed the original mission of the non-profit organization, driven by their desire to “cash in” on the technology.

Musk added Microsoft, a significant investor in OpenAI, to the lawsuit in 2024. OpenAI is rumored to be gearing up to go public later this year or early next, and was recently valued at $852 billion.

Musk has said that he invested $38 million in the OpenAI non-profit, but he does not stand to benefit from a potential OpenAI public offering.

He created a rival company xAI in 2023 that was later folded into his company SpaceX

In the lawsuit, Musk is seeking $150 billion in damages, for Altman to be removed from the company and for the company to be fully returned to its non-profit status.

Musk’s complaint also alleges that Altman engaged in self-dealing by directing OpenAI to pursue deals with companies in which he also held a personal stake, including nuclear fusion power company Helion.

Comer’s letter cites reporting that Altman’s pursuit of a Helion deal, which is still ongoing, would come at a lofty valuation of the power-company, boosting the company’s worth, and the value of Altman’s investment.

Altman was briefly forced to step down from leadership of OpenAI in 2023 in part due to concerns about potential conflicts between his personal investments and his operation of the company, but was soon reinstated.

While the company’s board created an audit committee to investigate the potential conflicts of Altman and other officers, the findings were never disclosed.

Comer has requested that Altman turn over all documents and communication related to that audit committee.

Representatives for OpenAI did not immediately respond to requests for comment.

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Epstein’s longtime accountant testifies on his wealth and business ties

House lawmakers were digging into Jeffrey Epstein’s sprawling financial portfolio on Wednesday as a committee deposed his former accountant and tried to understand his connections to some of the world’s wealthiest men.

Richard Kahn, who worked closely with Epstein for years and now serves as an executor of his estate, appeared for the closed-door deposition on Capitol Hill. He told lawmakers that he had not personally seen evidence of Epstein’s sexual abuse, but provided a fuller picture of how Epstein acquired his wealth. The wealthy financier made hundreds of millions of dollars over two decades, during which he struck up friendships with some of the world’s most powerful men.

Kahn “was under the impression that Epstein made his money as a tax advisor and a financial planner,” said Rep. James Comer, the Republican chair of the House Oversight Committee. Lawmakers argued that a fuller picture of Epstein’s finances could help the public understand how, for years, he was able to get away with trafficking and sexually abusing underage girls.

“Jeffrey Epstein’s sex trafficking ring would not have been possible without Richard Kahn, who managed Epstein’s money for years, authorized payments, including payments to victims and survivors,” said Rep. James Walkinshaw (D-Va.), who added that Kahn told them he was unable to recall details of some of the transactions and communications that he was asked about.

Kahn has said that he was unaware of Epstein’s sexual abuse and had not seen any of his victims.

Comer (R-Ky.) also said that lawmakers confirmed during the deposition that Epstein received significant amounts of money from former retail shopping chain executive Les Wexner, hedge fund manager Glenn Dubin, tech entrepreneur Steven Sinofsky, investor Leon Black and the Rothschilds, a wealthy banking family.

None of those people have been accused of wrongdoing in their relationships with Epstein, but Democrats on the committee argued that anyone with ties to the wealthy financier should be scrutinized. Wexner was deposed by the committee last month, and Comer has also called on Black, among several others, to appear for transcribed interviews.

Kahn also told lawmakers that Epstein had financial ties to Ehud Barak, who was the prime minister of Israel from 1999 to 2001, according to Democratic Rep. Suhas Subramanyam. Barak has not been accused of wrongdoing and has said he regrets his friendship with Epstein.

Comer also said Wednesday that the committee has reviewed over 40,000 documents that it subpoenaed from JPMorgan Chase and Deutsche Bank. Epstein was connected to at least 64 business entities, according to Comer.

Republican President Trump has strongly denied any wrongdoing in his own ties to Epstein, and Comer said that Kahn had never seen any financial transactions between Epstein and Trump. Comer said that Kahn is the latest witness to testify that they had never seen Trump doing anything wrong with Epstein.

“The investigation’s about getting the truth to the American people, trying to figure out how the government failed, answer questions we all have,” Comer said.

Groves writes for the Associated Press.

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