OpenAI CEO Sam Altman defended his personal investments in companies that do business with OpenAI in testimony Tuesday, saying he properly recuses himself as required, as the billionaire faces scrutiny from both Republican lawmakers and state attorneys general over whether his holdings are posing a conflict of interest for OpenAI.
OpenAI CEO Sam Altman arrives to court on April 30 in Oakland, California.
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Altman testified Tuesday he has investments in companies that do business with OpenAI, but said he’s “always been recused” from situations that could pose a conflict for either party.
The House Oversight Committee and chair Rep. James Comer, R-Ky., sent a letter to Altman on Friday asking for information about potential conflicts of interest regarding OpenAI and what the company is doing to prevent them, as Altman doesn’t have direct equity in OpenAI, but rather has a vast network of personal investments, including in companies with ties to OpenAI.
Comer’s letter cites reporting from the Wall Street Journal in April that found Altman had pushed OpenAI to invest $500 million in nuclear fusion company Helion, which Altman has himself invested at least $375 million in.
Altman testified Tuesday he recused himself from any discussions in the potential deal between OpenAI and Helion, but acknowledged he was on Helion’s board while also working to get more compute power for OpenAI—such as the kind of energy that Helion could provide.
Attorneys general from Florida, Montana, Nebraska, Iowa, West Virginia and Louisiana also recently wrote to the Securities and Exchange Commission, the Journal reports, asking Chairman Paul Atkins to scrutinize Altman’s potential conflicts of interest, claiming the OpenAI leader “has a history of self-dealing and serious conflicts of interest that have created significant risk for the company.”
Altman’s testimony came after OpenAI board chair Bret Taylor testified Monday that Altman has been “forthright” and “proactive and transparent” regarding his personal investments.
Altman said Tuesday he hadn’t yet had a chance to review the letter Comer sent to him, though he acknowledged news reports about the investigation, but said, “We will certainly reply to whatever information they want.”
Forbes estimates Altman’s net worth at $3.5 billion as of Tuesday. That number is likely to be higher, however, as Altman testified Tuesday he has a larger stake in Helion than previously known, which would add more than $1 billion to his fortune. With no equity in OpenAI, Altman’s wealth is based entirely on his personal portfolio of investments, which also includes stakes in such companies as Stripe and Reddit along with Helion.
Altman may also testify Wednesday in the ongoing trial for Musk’s case against Altman and OpenAI. The lawsuit alleges Altman and other OpenAI co-founders deceived Musk when he initially invested in the business by promising it would remain a nonprofit, before ultimately forming a for-profit venture after Musk severed ties. OpenAI has argued Musk’s claims are “sour grapes” and presented evidence during the trial suggested the Tesla CEO had supported OpenAI being for-profit from the beginning. The trial is completely separate from the new investigations against Altman, but has often proved relevant to the concerns about the OpenAI chief’s potential conflicts. OpenAI President Greg Brockman testified he holds stakes in Altman’s personal family fund and startups Altman has founded, further entangling OpenAI and the interests of its executives with Altman’s personal ventures. The litigation has also heavily scrutinized Altman’s brief ouster from OpenAI in 2023, which the Journal has reported was based partially on board members’ concerns about Altman’s potential conflicts of interest. The litigation could have a significant impact on Altman, who stands to be removed from OpenAI’s board if Musk wins at trial.
Comer’s letter raises particular concern about Altman’s stake in Helion and his efforts to get OpenAI to invest in the company. The proposed $500 million investment would have increased Helion’s valuation by more than sixfold, according to the Journal, and some OpenAI staff were reportedly “unnerved” by the proposal, given the startup had no “immediate benefit” to OpenAI. Altman previously served on Helion’s board but stepped down in March, saying he could not serve on both it and OpenAI’s boards when the two companies were “start[ing] to explore working together at significant scale.” Altman has also raised concerns for suggesting OpenAI acquire Stoke Space, a rocket manufacturer in direct competition with Musk’s SpaceX, the Journal reports, given that Altman’s husband invested in Stoke Space through their family fund. Those investments are only a small fraction of Altman’s broader portfolio: The Journal reported in 2024 that Altman and his venture fund had already invested in more than 400 companies, many of which involve AI and do direct business with OpenAI.
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