Republicans are scrutinizing OpenAI CEO Sam Altman’s personal investments, with both lawmakers and state attorneys general probing in recent days whether the billionaire executive’s holdings are posing a conflict of interest for OpenAI—as Altman is slated to take the stand Tuesday to separately testify about making OpenAI a for-profit company.
OpenAI CEO Sam Altman arrives to court on April 30 in Oakland, California.
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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.
The concerns arose out of public reporting and court testimony about Altman, who does not earn any equity from OpenAI itself, but rather has a vast network of personal investments—including in companies that have had 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’s push for the investment, which ultimately didn’t pan out, “raise[s] concerns … about potential conflicts of interest arising from your use of OpenAI to potentially bolster the value of other companies and startups which you hold a financial stake in,” Comer wrote.
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.”
OpenAI has not yet responded to a request for comment, but OpenAI board chair Bret Taylor testified Monday that Altman has been “forthright” and “proactive and transparent” regarding his personal investments.
Forbes estimates Altman’s net worth at $3.5 billion as of Tuesday. 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 will testify Tuesday and 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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