12-03-2023, 08:33 PM
https://www.channelnewsasia.com/business...on-3341526
Altman, who runs one of Silicon Valley's hottest companies, bailed out some entrepreneurs from his own pocket, according to a Twitter message by his brother and one beneficiary who spoke with Reuters.
"I was running out of options, and so I just emailed him," Doktor Gurson, CEO of Rad AI, said in an interview on Saturday. Within an hour or two, Altman responded, offering him six figures: Enough to make payroll and no strings attached, just a request to return the funds once Gurson is able, he said.
Rad AI's Gurson had not talked to Altman for years when he emailed the OpenAI chief Saturday morning, desperate for help. The start-up relied on SVB, the sudden closure of which meant he lacked the money to pay about 65 employees on Monday, he said.
"People's livelihoods depend on us," said Gurson, whose San Francisco-based company helps radiologists work more efficiently and includes staff with wide-ranging roles and wherewithal. "They’ve got mortgages to pay; they’ve got bills."
But Gurson saw a Twitter post from Altman, whom he met as a founder participating in 2014 in Y Combinator, where Altman was president. The two men did not know each other very well, he said.
"It's like a lifeline," Gurson said of Altman's generosity.
Gurson estimated "conservatively" that Altman has given more than US$1 million to support other start-ups in similar need.
"The crazy thing here is he's not an investor in our company," Gurson said. "He didn’t ask for anything."
Altman did not comment on how much he had given companies but said he did not view his contributions as risky.
"Even if SVB can't find a buyer or a loan over the weekend, a lot of the money start-ups have on deposit will be made available to them. But in the meantime, people are facing a real liquidity crunch through no fault of their own, and employees need to get paid," he said.
Altman, who runs one of Silicon Valley's hottest companies, bailed out some entrepreneurs from his own pocket, according to a Twitter message by his brother and one beneficiary who spoke with Reuters.
"I was running out of options, and so I just emailed him," Doktor Gurson, CEO of Rad AI, said in an interview on Saturday. Within an hour or two, Altman responded, offering him six figures: Enough to make payroll and no strings attached, just a request to return the funds once Gurson is able, he said.
Rad AI's Gurson had not talked to Altman for years when he emailed the OpenAI chief Saturday morning, desperate for help. The start-up relied on SVB, the sudden closure of which meant he lacked the money to pay about 65 employees on Monday, he said.
"People's livelihoods depend on us," said Gurson, whose San Francisco-based company helps radiologists work more efficiently and includes staff with wide-ranging roles and wherewithal. "They’ve got mortgages to pay; they’ve got bills."
But Gurson saw a Twitter post from Altman, whom he met as a founder participating in 2014 in Y Combinator, where Altman was president. The two men did not know each other very well, he said.
"It's like a lifeline," Gurson said of Altman's generosity.
Gurson estimated "conservatively" that Altman has given more than US$1 million to support other start-ups in similar need.
"The crazy thing here is he's not an investor in our company," Gurson said. "He didn’t ask for anything."
Altman did not comment on how much he had given companies but said he did not view his contributions as risky.
"Even if SVB can't find a buyer or a loan over the weekend, a lot of the money start-ups have on deposit will be made available to them. But in the meantime, people are facing a real liquidity crunch through no fault of their own, and employees need to get paid," he said.