Plus: EBay rebuffs GameStop’s unsolicited $56 billion takeover bid. And the European Union eyes tighter restrictions for minors on social media. Imani Moise hosts.
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[00:00:16] [SPEAKER_00] Here's your morning TNB Tech Minute for Tuesday, May 12th. I'm Imani Moise for The Wall Street Journal. CEO Sam Altman's personal investments are coming under intensifying scrutiny from Republicans as the company heads towards an initial public offering. With the House Oversight Committee launching a probe into potential conflicts of interest. On Friday, the committee sent a letter to Altman requesting a briefing from a top executive and documents outlining the company's government's practices.
[00:00:43] [SPEAKER_00] Additionally, six GOP attorneys general called for a Securities and Exchange Commission review. OpenAI board members have said that Altman was always, quote, proactive and transparent about his involvements with other companies. News Corp., the owner of The Wall Street Journal, has a content licensing partnership with OpenAI. eBay's board has rejected GameStop's unsolicited $56 billion takeover proposal.
[00:01:09] [SPEAKER_00] In a letter to GameStop CEO Ryan Cohen, eBay's chairman called the proposal, quote, neither credible nor attractive. He added that eBay is confident its current management team is well positioned to continue leading the business and drive growth. Investors initially cheered the offer news last week with shares of both companies rallying briefly. But by this week, GameStop shares had given up all their gains and eBay shares closed Monday at about $108 a share, well below GameStop's offer price.
[00:01:40] [SPEAKER_00] And the European Commission president says the EU may propose new rules this summer to restrict how minors use social media. During a conference in Denmark, Ursula von der Leyen said the move is necessary to protect children from risks like depression and cyberbullying that are being compounded by rapid uptake of AI tools. The proposal follows a similar ban in Australia and planned restrictions in Greece and France. And that's your TNB Tech Minute. We'll be back this afternoon with more.
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