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Genesis Global approved to return $3 billion in cash and crypto to customers in bankruptcy liquidation, leaving owner DCG with no recovery. DCG had argued that Genesis should pay its customers and creditors no more than what the crypto assets were valued at in January 2023, when Genesis filed for bankruptcy. Bitcoin's price surged since January 2023 filing.
OpenAI dissolves safety team led by Ilya Sutskever and Jan Leike, integrating efforts for AI system safety goals. The team was formed less than a year ago, and recent departures at OpenAI have raised concerns about speed versus safety in AI development. The company has Jakub Pachocki appointed as chief scientist for AGI mission, replacing Sutskever.
The Bengaluru based insurtech startup saw the retail portion subscribed 4.3 times, non institutional investors subscribed 7.2 times while qualified institutional buyers subscribed to the IPO 12.5 times. The Fairfax backed startup is looking to go public at a valuation of $3 to $3.2 billion
Conversations over boosting supply of capital to homegrown startups have come at a time when the startup ecosystem is experiencing a major slowdown. According to Infosys cofounder S Kris Gopalakrishnan, there is significant wealth in the country and family offices or fund managers should allocate at least 15% of their investments to the startup ecosystem as a thumb rule.
NR Narayana Murthy and S ‘Kris Gopalakrishnan discuss the transformative potential of Gen AI, the challenges of technology misuse, the benefits of technology adoption in banking, and India's potential to compete with China in business environment.