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OpenAI’s CFO says funding round should close by next week in letter

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OpenAI’s Sora AI tool allows users to create AI-generated videos from text-based inputs.

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OpenAI CFO Sarah Friar is looking to reassure its investors that the richly valued artificial intelligence startup is still in a strong position and is poised to close a big funding round soon, despite losing top talent this week.

In an email to OpenAI’s investors seen by CNBC, Friar addressed the departure of Chief Technology Officer Mira Murati, who announced her departure on Wednesday. Later that day, Sam Altman said two top research executives, Bob McGrew and Barret Zoph, were also leaving.

“I wanted to personally reach out following the news of Mira’s departure from OpenAI,” Friar wrote in the letter, which was viewed by CNBC. “While leadership changes are never easy, I want to ensure you have the full context.”

Friar added that, “We are incredibly proud of everything she’s helped build,” and said the San Francisco-based company still has a “talented leadership bench” to compete.

OpenAI, which is backed by Microsoft and recently partnered with Apple on its AI for iPhones, is in the midst of closing a $6.5 billion funding round, which should value the company at roughly $150 billion, according to sources familiar with the matter. Thrive Capital is leading the round, and plans to invest $1 billion, according to sources.

Friar said in the email that the funding round was oversubscribed and would close by next week. She said the team plans to host a series of calls with investors to introduce the group to key leaders from product and research teams.

“Collectively, we remain laser-focused on bringing AI to everyone and building sustainable revenue models that fuel our operations and deliver value to our investors and employees,” Friar wrote. The company is “excited for you to be with us as we enter our next chapter,” she wrote.

OpenAI declined to comment on the email.

Murati’s departure comes after six and a half years at the company. She briefly served as interim CEO last year after the board of directors abruptly fired Altman. When Altman was quickly reinstated, Murati returned to the role of CTO.

Sarah Friar has been named OpenAI CFO

Anjali Sundaram | CNBC

The company was already dealing with the loss of key executives. Co-founder John Schulman and safety chief Jan Leike left to join rival Anthropic. Co-founder Ilya Sutskever left to start another AI company , while another founder, Greg Brockman, is on a leave of absence.

Friar said Mark Chen will step into the role of of senior vice president of research, and leaders like Kevin Weil, who joined from Meta, and Srinivas Narayanan are the “right people to keep pushing the boundaries of innovation.”

Friar was formerly CEO of Nextdoor, and before that CFO at Block, formerly Square.

Also on Thursday, at an all-hands meeting, Altman denied that there are plans for him to receive a “giant equity stake” in the company, calling reports of such a development “just not true,” according to a person who was in attendance.

Altman and Friar both said at the meeting, conducted by video, that investors have raised concerns about Altman not having equity in the company that he co-founded almost nine years ago, said the person, who asked not to be named because the gathering was only for employees.

WATCH: Sam Altman’s top deputies depart

OpenAI may restructure into a for-profit business as two top executives depart

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10-year Treasury yield rises above 4.6% ahead of jobless claims

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Traders work at the New York Stock Exchange on Dec. 17, 2024.

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Treasury yields rose Thursday morning as investors awaited new data on jobless claims.

The yield on the 10-year Treasury jumped 4 basis points 4.627%. The 2-year Treasury traded 1 basis point higher at 4.353%.

One basis point is equal to 0.01%. Yields move inversely to prices.

Jobless claims for the week ended Dec.21 are expected to total 225,000, according to an estimate from Dow Jones. Claims for the prior week totaled 220,000.

The benchmark 10-year rate has climbed more than 40 basis points this month. The bulk of the advance came after the Federal Reserve pared down rate-cut projections, indicating only two more interest rate cuts in 2025, down from the four potential cuts penciled in during September.

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Top personal finance New Year’s resolutions for 2025

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The elevated inflation in recent years continued to wreak havoc on many Americans’ wallets in 2024, but the start of the new year provides a great opportunity to set new financial goals to get back on track.

“As we step into 2025, the country’s financial landscape calls for proactive resolutions to address rising concerns such as inflation and debt,” WalletHub analyst Chris Lupo told FOX Business. “Top financial resolutions for 2025 should be focused on smart budgeting, saving, and debt repayment.”

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Many Americans set new financial goals at the start of the New Year (iStock / iStock)

Here are some of the top financial New Year’s resolutions for 2025, according to WalletHub:

1. Make a realistic budget and stick to it

“With Americans carrying nearly $1.3 trillion in credit card debt, setting realistic budgets is a must,” Lupo said.

CREDIT CARD DEBT SURGES TO ANOTHER RECORD HIGH, NEW YORK FED DATA SHOWS

2. Save more money

Lupo says saving is also key, as many households lack emergency funds. He suggests starting small with a goal of saving two months’ take-home pay and working your way up to a year’s worth.

“Don’t forget to maximize your earnings: 5%+ APYs on online savings accounts make switching banks worthwhile,” he noted, adding that high-yield Certificates of Deposit (CDs) are also worth considering.

3. Explore ways to refinance high interest rates

High-interest debt is costly, so Lupo says to consider tools like balance transfer cards or debt consolidation loans to cut costs. 

4. Repay 25% of your credit card debt

The average American is currently carrying more than $10,000 in credit card debt, and the sooner it can be tackled, the better. WalletHub says it is important to get serious about it, but suggests it is probably best to start small by setting a goal of chipping away at a quarter of it over the course of the year.

COUPLE REVEALS HOW THEY GAINED THEIR OWN FINANCIAL INDEPENDENCE

5. Fight back against inflation

Look for ways to cut costs in everyday expenses, like shopping around for everything you buy, taking advantage of deals and coupons, turning the thermostat down, buying in bulk and cutting back until prices come down.

Grocery shopping

WalletHub suggests fighting back against high prices by shopping around and finding the best price on everyday items. (Paola Chapdelaine for The Washington Post via Getty Images / Getty Images)

WalletHub has another 10 suggestions for 2025 financial resolutions, including paying bills right after getting your paycheck, making sure you have enough insurance for a catastrophe, protecting your identity, brushing up on your financial literacy, and even looking for a better job.

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“Focus on financial literacy and healthy money habits, like paying bills immediately after payday,” Lupo said. “These steps will help make 2025 a financially healthier year.”

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