The Altman Network

Investigation Events

Persons of Interest and Profiles

Sam Altman Self-Dealing & Conflict Architecture

Sam Altman

FLOW MAP- What To Look For
The six-step recurring pattern across Altman’s career:
1 → Position at high-trust institution
YC presidency, OpenAI nonprofit board, OpenAI Startup Fund, Green Dot board, company boards, SPACs.
2 → Expand scope, dependency, and valuation
YC expansion to 1,000 companies/year, OpenAI commercialization, energy/compute dependencies (Oklo, Helion), Startup Fund ecosystem, board/investment web.
3 → Maintain personal or affiliated upside
Personal investments in YC companies while YC president, Hydrazine allocating 75% to YC companies, Apollo Projects, secret GP of Startup Fund, board positions at portfolio companies.
4 → Conflict disclosed or visible, but neutralization unclear
Energy deals (Oklo, Helion), OpenAI Startup Fund ownership, YC investments, Green Dot/Loopt overlap, Stripe/Sequoia scout economics. Disclosure without neutralization.
5 → Rupture and/or extraction occurs
Loopt (two removal attempts), YC (partner revolt, removal), OpenAI (board firing, 70-page memo begins with “Lying”), Green Dot (shareholder fight).
6 → Narrative later softened or power restored without accountability/consequence
Loopt “save face” exit, YC “chairman” language, OpenAI reinstatement within 5 days, no-written-report review, “zero equity / compensation pending” posture.

This profile is a conflict-review map. It should not be read as claiming every listed connection is improper. Where Altman’s roles, investments, board seats, and institutional authority overlap, each path requires independent verification and role-specific analysis.

Current public perception

As of mid-2026, Sam Altman is the most prominent face of the AI industry and a singularly powerful figure, but one dogged by persistent doubts about his trustworthiness. Among tech journalists, policymakers, and a growing share of the public, the defining question about him has narrowed to a single word: trust.

Profile- Samuel Harris Altman

  • Born April 22, 1985, Chicago, IL [1][2].
  • Grew up in St. Louis, MO [1][2].
  • Stanford University (enrolled ~2003; dropped out after two years, 2005) [1][2][3]. *This was not a direct result of Thiel’s Fellowship, but ran adjacent to a stark and similar pattern preceding the formalization of the Fellowship and dependency-building. Dependency was built through a loyalty test involving sacrifice and removal of the credential safety net a complete education would have provided.
  • Director, Open Research Lab Inc (EIN 81-0861414).
  • Co-founder and CEO of OpenAI [1].
  • Former President of Y Combinator (Feb 2014–2019) [1][4].
  • Co-founder of Loopt (YC S05) [1][5], Hydrazine Capital (2012, with brother Jack) [1][6], Apollo Projects (2020, with brothers Jack and Max) [7], AltC Acquisition Corp (2021) [8], Worldcoin/Tools for Humanity [1]. Married to Oliver Mulherin (Jan 10, 2024) [1][9].
  • Net worth ~$1.9-2B (from angel investments, NOT from OpenAI — equity described as zero at $852B valuation, March 2026) [1][10].
  • Salary: $76,001/year (2023 IRS Form 990; says he earns “whatever the minimum for health insurance is”) [11].
  • Bilderberg Meeting invitee: 2016, 2022, 2023 [1].
  • Pattern: governance bridge, timed exit ahead of accountability, disclosure without neutralization, bloat-then-extract.

Board Placements

  • Loopt — CEO/Co-founder (2005–2012) [1][5].
    • Board member as CEO. YC S05 inaugural batch [1][5].
    • Co-founded with Nick Sivo and Alok Deshpande [12].
    • First institutional investment: $5M from Patrick Chung at NEA (later Xfund) [1][12].
    • Chung describes himself as “the first investor in Sam Altman” [12].
    • Sequoia Capital invested in subsequent rounds via Greg McAdoo [1]. Total VC raised: $30M+ [1].
    • Management team asked board to fire him TWICE for ‘deceptive and chaotic behavior’ [13][14].
    • Board + Sequoia backed him both times [1].
    • Steve Boom served as president (Aug 2010–Mar 2012).
    • Sold to Green Dot March 2012 for $43.4M cash ($9.8M for employee retention) [1][5]. [See Footnote 1]
  • Green Dot Corporation (NYSE: GDOT)
    • EVP Mobile Products from March 2012 (at Loopt acquisition) [15].
    • Elevated to board of directors March 2013 [15].
    • Stepped down from board April 2016 voluntarily to make room for independent directors [15]. [See Footnote 2]
  • Y Combinator — Part-time partner 2011 [1][4]; President Feb 2014–2019 [1][4].
    • Oversaw all YC investments.
    • Launched YC Continuity Fund (Oct 2015, $700M) [4], YC Research (donated $10M) [4], YC Group [4].
    • Created Board of Overseers (June 2014) and put himself on it.
    • Graham was “unambiguous that Altman was removed because of Y.C. partners’ mistrust” [14]. [See Footnote 3]
  • Y Combinator — FALSE CHAIRMANSHIP [16][17][18].
    • March 2019 blog post claimed transition to chairman [1][16].
    • YC partners never approved [14][16]. Blog post silently edited, then deleted April 2021 [14].
    • AltC S-1 (March 15, 2021, page 111) still listed Altman as ‘chairman of the board’ of YC — 13 months after actual relationship terminated [17].
    • See: Chairman Fraud page for complete lifecycle with primary sources.
  • OpenAI — Co-founder (2015) and CEO (2019–present) [1][2].
    • Nonprofit board member.
    • Fired Nov 17, 2023 by board vote [1][19].
    • Reinstated Nov 22, 2023 [1][19].
    • PBC conversion completed Oct 28, 2025 [20].
    • Current board as of May 1, 2026: Bret Taylor (Chair), Adam D’Angelo, Sue Desmond-Hellmann, Zico Kolter, Paul Nakasone, Adebayo Ogunlesi, Nicole Seligman, and Altman [1][20].
    • Altman “tenaciously recruited Ilya Sutskever and Dario Amodei by giving them attention and offering YC stock” [1].
  • Reddit — Board member 2014–2022 [1].
    • 8-day interim CEO November 2014 (between Yishan Wong resignation and Ellen Pao appointment) [1][21][22].
    • Led Series B personally Sep 2014 ($50M; “personally, not via Y Combinator”) [21][23].
    • ~9% stake at IPO 2024 ($60M+ invested) [1][21]. [See Footnote 4]
  • Oklo Inc. — Chairman from 2015 (during YC presidency) [1][24].
    • Invested via Hydrazine Capital [24].
    • AltC SPAC ($450M) merged with Oklo May 2024 [1][8].
    • NYSE ticker OKLO.
    • Stepped down April 2025 citing conflict of interest with OpenAI’s energy deals [1][24].
    • Chris Wright (Oklo board member) became Trump’s Energy Secretary Feb 2025 [24]. [See Footnote 5]
  • Helion Energy — Chairman from 2015 [1][67].
    • YC + Mithril seed $1.5M (2014) [69];
    • Altman personal $9.5M (2015) [68].
    • Led $500M Series E (Nov 2021; personal: $375M, largest investment ever) [67][68].
    • $425M Series F (Jan 2025) at $5.4B valuation [70].
    • Microsoft power purchase agreement 2028 [1].
    • Stepped down March 23, 2026 to enable OpenAI power purchase deal (5GW by 2030, 50GW by 2035) [25]. [See Footnote 6]
  • AltC Acquisition Corp — Co-founder and CEO (SPAC, 2021) [1][8].
    • $450M raised [8]. Co-founded with Michael Klein [1][8].
    • Merged with Oklo May 2024 [1][8].
  • Boom Supersonic — Board member.
    • Joined at Series A (March 2017) simultaneously with Greg McAdoo [26].
    • CEO Blake Scholl published (December 2025): “I texted with Sam Altman — who confirmed power was indeed a major constraint.”
    • Three months later, Boom announced “Superpower” 42MW turbines for AI data centers. Launch customer: Crusoe Energy ordered 1.21GW of capacity (~29 units at 42MW each) [27].
  • Journey Colab — Board member. Psychedelic medicine company.
  • Neom Advisory Board — Joined ONE WEEK after Oct 2, 2018 Khashoggi murder [14].
    • Jack Clark (now Anthropic as of May 1, 2026) warned ‘Sam, you cannot be on this board’ [14].
    • Altman defended by citing Kushner assurance; Kushner denies contact at that time [14].
  • Bridgetown SPACs (3) — Board member on all three [1].
    • Matt Danzeisen (Peter Thiel’s husband) as chairman [1].
  • * Bilderberg Meeting — Invited 2016, 2022, 2023 [1].

Investment Vehicles (6 documented)

  • Personal Angel Investments
    • 400+ companies total [1][28].
    • Started ~2010 [28]. 125 direct investments since 2010 (WaPo) [28].
    • Portfolio tracked across Tracxn (58), PitchBook (130+), CB Insights (400+ since 2019 only) [29].
    • No single database captures all — this is structurally significant for conflict review. [See Footnote 7]
    • Prior history of complaints through both employment and reporter channels regarding lack of transparency around investments, or complexity of investments being seriously consquential to ethical governance
  • 2. Hydrazine Capital — Co-founded April 2012 with brother Jack Altman [1][6][30].
    • Brother Max Altman joined as investor 2016-2019 (NOT co-founder) [31][32].
    • Peter Thiel provided majority of $21M Fund I [1][6]. 75% invested in YC companies [1].
    • ~$1.2B total across four funds (Fortune/IBTimes FOIA via U of Michigan) [33].
    • University of Michigan sole outside investor Fund IV [1][33]. [See Footnote 8]
  • 3. Apollo Projects — With brothers Jack AND Max Altman (founded June 2020) [7][35].
    • $434M+ documented [7].
    • Invested in Praxis, Próspera, KoBold Metals, Terraformation [7].
  • 4. AltC Acquisition Corp / SPAC — $450M raised [1][8].
    • Co-founded with Michael Klein [1][8].
    • Merged with Oklo May 2024 [8].
  • 5. Altman Capital / Alt Capital — Jack Altman’s fund family, not Sam’s [36][81].
    • Sam is LP in Altman Capital (Jack’s earlier vehicle) per The Information and CB Insights [81][29].
    • Two funds under “Altman Capital”: ~$100M across ~100 deals [36].
    • Jack rebranded to Alt Capital 2024: Fund I $150M, Fund II $275M [36].
    • Sam deliberately NOT LP in newer Alt Capital II per WSJ/TechCrunch — a governance hedge during OpenAI crisis period [36].
  • 6. OpenAI Startup Fund — Sam was secret sole GP from 2021 until April 2024 transfer to Ian Hathaway [1][13].
    • Capitalized by Microsoft and OpenAI partners.
    • Toner: ‘He had not disclosed his ownership even though he constantly was claiming to be an independent board member with no financial interest in the company’ [13].
  • * Total portfolio across ALL vehicles: ~$2.8B (WSJ June 2024 ‘opaque investment empire’) [28]. [See Footnote 9]

Major Investments (selected, with dates)

  • Stripe
    • Scout ~2009 via Sequoia ($15K for 2%, alongside Graham’s matching $15K) [14][37].
    • YC lists Stripe as S09. [See Footnote 10]
  • Reddit
    • Led Series B personally Sep 2014 ($50M) [21][23].
    • Multiple rounds. $60M+ total. ~9% at IPO 2024 [1][21].
  • Helion Energy
    • YC + Mithril seed $1.5M (2014) [69];
    • Altman personal $9.5M (2015) [68].
    • Led $500M Series E (Nov 2021; personal: $375M) [67][68]. Series F $425M (Jan 2025) [70].
    • Chairman 2015–Mar 2026 [25].
    • Altman: Helion + Retro = “all my liquid net worth” [38].
  • Instacart
    • Series B (June 2014) and Series C (Dec 2014) [7].
  • Asana
    • Series C lead March 2016 ($50M); Series D Jan 2018 [1][39].
  • Soylent
    • Seed 2013 [40][73][74].
    • Sold Feb 2023 for $29.4M in STCB restricted stock (~$0.18/share at closing; 165.3M shares).
    • STCB subsequently crashed to all-time low $0.0178 (July 2025); trading in $0.02-$0.06 range (2025-2026). [See Footnote 11]
  • Neuralink
    • Series C, July 2021 [1].
  • Boom Supersonic
    • YC Continuity led Series A March 2017 ($33M) [26].
    • Personal investor + board [27].
  • Humane
    • Series A lead Sept 2020 ($30M) [1].
    • Series B July 2021 [1].
    • HP acquired patents $116M. Devices bricked Feb 28, 2025 — ceased all server connection per Humane’s own notice [41][42].
  • Retro Biosciences
    • $180M total personal investment (longevity) [1][38].
    • CEO: “We have no bureaucracy. I am the bureaucracy.” Phase 1 trial in Adelaide, Australia (Dec 2025).
  • Oklo
    • YC seed $120K (2014) [24].
    • Hydrazine investment 2015 [24].
    • SPAC merger May 2024 [1][8].
    • Chairman 2015–Apr 2025 [24].
  • Rain Neuromorphics
    • Personal investment 2018.
    • OpenAI signed $51M LOI 2019 for Rain chips (conflict).
    • CFIUS investigated due to Saudi Prosperity7 Ventures involvement [43][44][45].
  • Hermeus
    • Led $100M Series B March 2022 [1].
    • Hypersonic aircraft. Khosla + FF participated.
  • Speak
    • THREE-TIER CONFLICT: personal investor + OpenAI Startup Fund invested Series B + advance access to unreleased OpenAI systems [29].
    • CB Insights footnoted independently [29].
  • Worldcoin / World
    • Co-founded Tools for Humanity [1].
    • Iris scanning + WLD token. Rebranded Nov 2024 [1].
    • Faced regulatory, legal, or data-protection action in 14 countries/jurisdictions: Kenya (suspended Aug 2023; data deletion ordered May 2025), France (CNIL investigation July 2023), UK (ICO investigation July 2023), Germany/Bavaria (investigation, data deletion ordered), South Korea (investigation Feb 2024; $830K fine), Spain (banned March 2024; data deletion ordered Dec 2024), Portugal (banned March 2024), Hong Kong (warrants executed Jan 2024; operations ordered ceased), India (operations “scaled back” Dec 2023), Brazil (banned Jan 2025; daily fines), Indonesia (suspended May 2025), Colombia (charges filed Aug 2024), Singapore (police investigation 2024), Argentina (“abusive clauses” accusation April 2024) [76][77]. [See Footnote 17]
  • Praxis
    • Via Apollo Projects [7].
    • Network state.
    • Co-investors: Thiel, SBF, Balaji, Lonsdale, Winklevoss.
  • Próspera
    • Via Apollo Projects [7].
    • Honduras ZEDE charter city.
    • Suing Honduras for $10.8B.
  • GPTZero
    • Personal portfolio [1].
    • AI content detection — detects output of his own company’s models.
  • * TBPN
    • OpenAI acquired April 2, 2026 for ‘low hundreds of millions’ [14].
    • Four days before Farrow investigation.
  • TrialSpark / Formation Bio
    • TrialSpark, later rebranded as Formation Bio, received a $1 million grant from Open Research Lab Inc., where Altman served as a director.
    • Altman later co-led TrialSpark’s $156 million Series C with Lachy Groom.
    • In 2026, Reuters reported that TrialSpark / Formation Bio appeared on a court exhibit listing companies where Altman held personal stakes that had business dealings with OpenAI; Business Insider reported the exhibit valued Altman’s TrialSpark stake at $19 million.

Three-Firing Pattern (18 years, 3 institutions)

Three-Firing Pattern (18 years, 3 institutions)

  • LOOPT (2005–2012): “Groups of senior employees, concerned with Altman’s leadership and lack of transparency, asked Loopt’s board on two occasions to fire him as C.E.O.” (Hagey, The Optimist, via New Yorker) [1][14]. Board + Sequoia backed him both times [1].
  • Y COMBINATOR (2019): Graham “has been unambiguous that Altman was removed because of Y.C. partners’ mistrust” [14]. Partners alleged he “make personal investments, selectively, into the best companies, blocking outside investors” — one person called it a “policy of ‘Sam first’” [14]. [See Footnote 12]
  • OPENAI (Nov 2023): Board fired after Sutskever compiled “some seventy pages of Slack messages and H.R. documents.” “Lying” topped the memo’s list of concerns [14]. Two executives sent screenshots of “psychological abuse” [14]. Reinstated 5 days later [1][19].
  • * Toner’s framing: “This wasn’t a problem specific to the personalities on the board” [13].

Timed Exit Pattern

Timed Exit Pattern

  • Oklo:
    • Chairman 2015. Stepped down April 2025 citing OpenAI conflict [24].
    • Oklo immediately began exploring OpenAI energy partnership.
  • Helion:
    • Chairman 2015.
    • Stepped down March 23, 2026 citing OpenAI conflict [25].
    • OpenAI immediately began negotiating 5GW power purchase.
  • * Both chairmanships held during YC presidency (2015–2019). Both resigned within 11 months of each other. Both companies immediately began selling energy to OpenAI. Disclosure without neutralization: Altman retains financial stakes in both while recusing from specific negotiations.

Political Donations and Relationships

  • Trump inauguration:
    • $1M personal donation (announced December 13, 2024) [46][47][48].
    • Personal funds, not from OpenAI.
  • Brockman (OpenAI president) + wife Anna:
    • $25M to MAGA Inc super PAC (September 2025; $12.5M each per FEC filings) [49][50][51].
    • Largest individual (non-corporate) donor to MAGA Inc in latest filing period.
    • Prior largest donation: $2,700 per-contribution / $5,400 per-candidate to Hillary Clinton 2016 (see Footnote 13 for both figures).
    • Total political commitment: $75M ($25M MAGA Inc + $25M Leading the Future PAC + $25M pledged for 2026 cycle) [49]. [See Footnote 13]
  • Stargate:
    • Stood beside Trump Jan 21, 2025 [1].
    • “We wouldn’t be able to do this without you, Mr. President” [1].
  • Warner fundraiser:
    • Hosted fundraiser for Sen. Mark Warner (D-VA) March 20, 2025, San Francisco [1][52][53].
    • Tickets $1,000-$22,000. Co-hosts included Chris Lehane (OpenAI VP global policy). White House called it a “stab in the back” [53].
    • Bipartisan donor positioning.
  • Pentagon deal:
    • OpenAI signed February 27, 2026 — same evening Anthropic designated supply chain risk [54][55][56].
    • Contract amended March 2-3, 2026 after Altman admitted timing was “opportunistic and sloppy” [57].
    • Caitlin Kalinowski (robotics/hardware chief) resigned March 7, 2026 [55].
    • Amodei leaked memo: “mendacious,” “safety theater,” “straight up lies” [14].
    • Emil Michael: “I called Sam, and he was willing to jump.” [See Footnote 14]
    • * ChatGPT U.S. mobile-app uninstalls jumped 295% day-over-day on Feb 28, 2026 per Sensor Tower data [58][78]. One-star reviews surged 775%, five-star reviews fell 50%. Claude hit #1 on U.S. Apple App Store [78][79].

OpenAI PBC Conversion and Musk Trial

  • 501(c)(3) founded 2015. Capped-profit LP 2019. PBC Oct 28, 2025 [1][20].
  • Foundation retains ~26% equity (~$130B stake at $500B valuation) + board appointment power + authority to halt new model releases via Safety and Security Committee (per CA AG MOU, Oct 2025; legal analysts describe as “veto power”) [20][59][66][72]. [See Footnote 15]
  • Foundation committed $25B to healthcare/disease research [20][60].
  • Profit cap: 100x originally (2019), now removed entirely under PBC [61].
  • Altman equity: described as zero; compensation discussions ongoing but no equity granted. $852B valuation (March 2026 SoftBank round) [1][62].
  • CA AG and DE AG reached safety agreements with OpenAI [20].
  • Public Citizen: OpenAI should pay $30B+ on conversion — based on 20% control premium at $150B valuation [63].
  • * Musk v. Altman trial: Jury selection April 27, 2026; opening arguments and testimony began April 28, 2026 [64][65]. Oakland federal court. Judge Yvonne Gonzalez Rogers. Musk alleges breach of nonprofit mission. OpenAI argues Musk tried to take majority control. Stuart Russell and David Schizer as Musk expert witnesses. Musk testified April 28-29 [65]. [See Footnote 16]

Personal Life

  • Husband: Oliver Mulherin.
    • Born ~1993, Melbourne, Australia [1][9].
    • Met Altman “in Peter Thiel’s hot tub at 3 a.m.” in 2015 [9].
    • University of Melbourne CS degree. Worked at IOTA Foundation, Meta (2020-2022).
    • No public employment since Nov 2022. Married Jan 10, 2024, Hawaii [1].
    • Baby boy Feb 2025 [1].
    • Giving Pledge signed May 2024 [1].
  • Ex-partner: Nick Sivo.
    • 9-year relationship (~2004–2012/13) [1].
    • Co-founded Loopt [1].
    • Runs HN infrastructure code (username ‘kogir’).
    • Complete public silence since March 2014.
    • Became Altman’s institutional subordinate at YC.
  • Properties:
    • $27M Russian Hill mansion SF (2020) [1].
    • Napa ranch. Hawaii compound. Big Sur (apocalypse prep) [1].
    • Molotov cocktail attack on SF home April 10, 2026 (20-year-old from Texas arrested) [1].
  • * Crisis response Nov 2023: Ron Conway, Brian Chesky, Chris Lehane (Airbnb crisis comms / former Clinton ‘Master of Disaster’) worked around the clock for days [14].

FACT VERIFICATION FOOTNOTES

  • Footnote 1 — Loopt Series A Attribution
    • Earlier personal research drafts attributed Series A to Sequoia Capital. Corrected: first institutional investment was $5M from Patrick Chung at NEA (later Xfund). Chung describes himself as “the first investor in Sam Altman.” Sequoia invested in later rounds via McAdoo, not the Series A. The distinction matters because Chung/NEA was Sam’s FIRST institutional relationship, predating Sequoia/McAdoo. The “$8.25M Series B” figure from earlier drafts has no confirmed source — logged as unverified.
  • Footnote 2 — Green Dot Dates
    • Earlier expanded profile stated “~2012-2015.” Corrected: EVP Mobile Products from March 2012 (at Loopt acquisition); Board member from March 2013 — April 2016. Two separate events: employee role started March 2012, board seat started March 2013.
  • Footnote 3 — Graham “Lying” Quote: Two Versions Exist
    • Graham does not deny the New Yorker version but offers a softer public characterization. Daring Fireball: Graham is “conspicuously” not saying “I think Sam Altman is honest and trustworthy.” Reporters should note both versions exist.
  • Footnote 4 — Reddit Interim CEO Dates
    • Earlier draft stated “July-August 2014.” Corrected to November 2014 per Wikipedia, Fast Company (Nov 14, 2014), and prior investigation. The summer 2014 timeframe may have been confused with Wong’s public AMA incident that preceded and contributed to his November resignation.
    • NODE: Wong went to D’Angelo’s Quora (where Wong was an advisor) to explain his Reddit departure — another D’Angelo-Reddit connection.
  • Footnote 5 — Oklo Chairman Start Date
    • Earlier expanded profile stated “Chairman post-SPAC merger May 2024.” Corrected: Chairman from 2015. The SPAC merger in May 2024 was a liquidity event, not the start of the relationship. This correction transforms the Oklo relationship from a post-YC investment into a during-YC governance conflict — Altman was simultaneously YC president governing companies AND chairman of a YC portfolio company.
  • Footnote 6 — Helion Investment Timeline and Chairman End Date
    • Earlier profile said “YC seed $1M” — corrected to $1.5M (YC + Mithril). Earlier profile said “Series E $375M” — clarified: total round was $500M, Altman personally led with $375M. Both corrections documented. The timed-exit pair remains: Oklo April 2025 and Helion March 2026, both citing OpenAI conflicts, both immediately followed by OpenAI energy deals. Both chairmanships started 2015, both held during YC presidency.
  • Footnote 7 — “400+ Companies” Scope
    • Different sources measure different scopes: CB Insights counts 400+ portfolio companies (including via funds, since 2019 only). WaPo counts 125 direct personal investments since 2010. WSJ measures total portfolio value across all vehicles ($2.8B). These are not contradictory — they measure different things.
  • Footnote 8 — Hydrazine Co-Founders
    • Earlier draft stated Hydrazine co-founded by “brothers Jack and Max.” Corrected: Jack was CO-FOUNDER (2012). Max was INVESTOR/OPERATOR (2016-2019), not co-founder. Max’s own words on 20VC: “I left after doing three funds…just for ego and pride.”
    • ⚠️ SOURCE CONFLICTS: Wikipedia says Jack. Britannica incorrectly says Max. Crunchbase incorrectly says “Ryan Cohen.” These errors in major reference sources could mislead other researchers.
    • ZENEFITS LOOP: Hydrazine invested in Zenefits (YC W13) Series B while Sam was YC president. Max worked at Zenefits in product management before joining Hydrazine 2016. After Zenefits CEO Parker Conrad forced out for fraud, Max backed Conrad’s next company Rippling.
  • Footnote 9 — Hydrazine Total vs Portfolio Total + University of Michigan Exposure
    • Earlier drafts placed the $2.8B figure next to Hydrazine specifically, which was misleading. $1.2B = Hydrazine only. $2.8B = everything.
    • University of Michigan Endowment — Total Exposure Across Altman Vehicles:
    • In addition, UMich invested directly in OpenAI AND the OpenAI Startup Fund (amounts undisclosed). That makes SIX touchpoints between one university endowment and Altman-controlled entities. UMich also committed $100M to Y Combinator in 2017, when Altman was president. The Hydrazine Fund IV checks ($105M and $75M) were the two largest VC fund checks the UMich endowment has ever written, per Fortune’s FOIA-obtained complete fund list.
    • Sources: Fortune Dec 19, 2023 (https://fortune.com/2023/12/19/sam-altman-university-michigan-venture-fund/); Crain’s Detroit March 4, 2025 (https://www.crainsdetroit.com/technology/openais-50m-research-consortium-adds-university-michigan)
  • Footnote 10 — Stripe Investment Date
    • The ~2009 date is retained. YC lists Stripe as S09. Graham and Altman invested personally in 2009 as informal YC-associated investments. Stripe “didn’t go through the standard startup bootcamp process” since Patrick Collison had already done YC W07.
    • ⚠️ A separate later investigation session flagged 2009 as “impossible” based on Stripe’s founding date (2010), but this was corrected when YC’s own S09 listing and the confirmed personal investment timeline were re-examined.
  • Footnote 11 — Soylent Stock Price
    • Earlier draft stated “~$0.02/share” without specifying this was the post-deal crash price, not the deal-day price. Both figures are documented. Soylent shareholders including a16z and Google Ventures received shares that subsequently became near-worthless.
  • Footnote 12 — Graham “Flew From UK”
    • WaPo (Nov 2023) reported Graham cut short an overseas trip to pressure Altman’s resignation. Graham’s own account (X, May 2024) says Jessica told Sam to choose YC or OpenAI, and Sam chose OpenAI. Graham frames it as voluntary; New Yorker and WaPo frame it as pressure. Both framings are sourced.
  • Footnote 13 — Brockman MAGA Inc Percentage AND Prior Donation Amounts
    • Prior Donation — Both Amounts Valid:
    • FEC allows separate maximum contributions to primary and general election campaigns. Brockman made two $2,700 contributions to Clinton (primary + general) = $5,400 total. Both figures are correct depending on measurement. WIRED confirmed “no significant history of political spending” prior to 2025.
    • MAGA Inc Percentage — Both Percentages Valid:
    • Both percentages are factually defensible — they measure different time periods. The 15-25% captures the donation’s significance relative to the election-period PAC; the 8.2% captures it relative to the inflated post-election total that includes $30M from Crypto.com and other megadonors who arrived after Brockman.
    • Donor scope clarification: Brockman was the largest individual (non-corporate) donor to MAGA Inc in latest filing period (per NOTUS). Foris Dax/Crypto.com gave $30M but as a corporate entity. Musk gave more to federal committees overall but through different vehicles.
  • Footnote 14 — Pentagon Deal Timeline
    • Profile originally stated “March 2026.” Corrected: deal signed February 27, 2026. The “March” date may have referred to the amendment (March 2-3), not the original signing. Both dates are significant.
  • Footnote 15 — Foundation Equity Percentage
    • Both are the same stake measured at different precision levels. Profile uses “~26%.”
  • Footnote 16 — Trial Start Date
    • Both “April 27” and “April 28” are correct depending on definition of “began.” April 27 = proceedings commenced (jury selection). April 28 = substantive trial (opening arguments/testimony).
  • Footnote 17 — Worldcoin Country Count: “12+” Was Conservative
    • Earlier profile stated “12+ countries.” GPT proofreading pass challenged this, citing Sam Altman’s Wikipedia page listing only ~8. However, the Worldcoin-specific Wikipedia page and specialized crypto/privacy reporting document 14 countries/jurisdictions with regulatory action:
  • ⚠️ WHY MISTAKENLY UNDERCOUNTED: Sam Altman’s Wikipedia page lists only the major European + Kenya actions (~8). The Worldcoin/World-specific Wikipedia page and crypto reporting (BitPinas, CCN, Cointelegraph, Tempo, Rest of World) document the full 14. Researchers using only Sam’s Wikipedia will undercount. This footnote exists so they don’t trip on the same discrepancy.
  • Sources: BitPinas (comprehensive list, April 2025), CCN (Sept 2024, May 2025), Cointelegraph (May 2024), Tempo (May 2025), Rest of World (April 2026), Worldcoin Wikipedia.

NODES OF INTEREST

NODE — SIX INVESTMENT VEHICLES: Fragmentation ensures no comprehensive conflict check is possible. No single database captures all exposure.
NODE — 75% HYDRAZINE TO YC: ~$900M deployed into companies Altman governed as YC president.
NODE — SECRET GP: OpenAI Startup Fund 2021-2024. Told board “no financial interest” while sole GP.
NODE — DUAL CHAIRMAN DURING YC: Oklo 2015 AND Helion 2015, both during YC presidency. Chairman of two portfolio companies while governing YC.
NODE — NEOM ONE WEEK POST-KHASHOGGI: Cited Kushner assurance; Kushner denies contact.
NODE — BOOM TRIPLE CONFLICT: YC president + Hydrazine investor + board member simultaneously at March 2017 Series A.
NODE — SPEAK THREE-TIER: Personal + Startup Fund + advance system access. CB Insights noted independently.
NODE — WORLDCOIN AS SOVEREIGNTY BYPASS: Iris scans + biometric ID + token + charter cities (Praxis/Próspera). Regulatory action in 14 countries (see Footnote 17). The pattern: deploy in lower-income communities with few legal protections, collect biometric data, face regulatory backlash, move to next jurisdiction.
NODE — EQUITY PARADOX: CEO of $852B company. Equity: described as zero; compensation pending. Salary: $76,001. Net worth from external bets.
NODE — TBPN ACQUISITION TIMING: April 2, 2026 — four days before Farrow investigation published.
NODE — MENDACIOUS PENTAGON: Told staff he shared Anthropic’s red lines. Signed deal without them. Amodei: “straight up lies.”
NODE — YISHAN WONG / QUORA: Wong (Reddit CEO Sam helped push out) was a Quora advisor — went to D’Angelo’s platform to explain departure.
NODE — ZENEFITS LOOP: Sam governed YC → YC admitted Zenefits → Max worked at Zenefits → Hydrazine invested → CEO committed fraud → Max backed CEO’s next company.

QUESTIONS FOR REPORTERS

  • Where does $180M in personal funds for Retro Biosciences originate if Sam has “no equity” in OpenAI?
  • Has Sam been asked directly about using the chairman title at self-submitted events after claiming ignorance of the SEC filing?
  • What is the current status of the OpenAI Startup Fund ownership that Toner alleged was concealed?
  • The Oklo/Helion timed exits — did stepping down after energy deals were already in motion meaningfully neutralize the conflict, or merely disclose it after the strategic value was secured?
  • Did Altman have both institutional selection power and personal upside in the same YC ecosystem, and what conflict controls existed?
  • Why was no comprehensive written report released from the WilmerHale investigation into Altman’s firing?
  • What is the relationship between Brockman’s $25M MAGA Inc donation and OpenAI securing the Pentagon contract hours after Anthropic was blacklisted?
  • Can anyone verify what the 70-page Sutskever memo contains beyond what the New Yorker published?
  • Who accessed the Columbia University network on March 10, 2019 to make a single Wikipedia edit inflating Altman’s credentials to “chairman”?
  • Why did the AltC S-1 retain “chairman” in March 2021 after YC’s own communications director scrubbed it from Wikipedia in January 2020?

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CITATION LIST- Alternative Citations to Wikipedia and Grokipedia are provided at end as alternate citations availability permitted
[1] [Archived version] | “Sam Altman — Wikipedia” | Live: https://en.wikipedia.org/wiki/Sam_Altman
[2] [Archived version] | “Sam Altman — Britannica Money” | Live: https://www.britannica.com/money/Sam-Altman
[3] [Archived version] | “Sam Altman — Biography Wiki” | Live: https://biography.wiki/a/Sam_Altman
[4] [Archived version] | “Sam Altman — Grokipedia” | Live: https://grokipedia.com/page/Sam_Altman
[5] [Archived version] | “Sam Altman — DailyWikiBio” | Live: https://dailywikibio.com/other/sam-altman-wiki/
[6] | “Sam Altman Wikipedia — Hydrazine section” | Live: https://en.wikipedia.org/wiki/Sam_Altman
[7] [Archived version] | “Apollo Projects — apolloprojects.com + Tracxn” | Live: https://apolloprojects.com/ | Alt: https://tracxn.com/d/venture-capital/apolloprojects/__KFbZtGmaANZ8lEoo9iNYLUikqwsCw4P6eqxUF7x8L9c [Archived version]
[8] [Archived version] | “AltC Acquisition Corp — Crunchbase” | Live: https://www.crunchbase.com/organization/altc-acquisition-corp
[9] | “Oliver Mulherin — Hagey, ‘The Optimist’ (book)” | Live: [book]
[10] [Archived version] | “Net worth — Biography.com” | Live: https://www.biography.com/business-leaders/a65810455/sam-altman
[11] [Archived version] | “Salary $76,001 — Fortune, Nov 20, 2024” | Live: https://fortune.com/2024/11/20/openai-ceo-sam-altman-salary-76001/
[12] | “Patrick Chung / NEA — Wikipedia + Crunchbase” | Live: https://en.wikipedia.org/wiki/Sam_Altman
[13] [Archived version] | “Helen Toner — TED AI Show, May 28, 2024” | Live: https://www.ted.com/talks/the_ted_ai_show_what_really_went_down_at_openai_and_the_future_of_regulation_w_helen_toner | Transcript: https://www.ted.com/pages/what-really-went-down-at-openai-and-the-future-of-regulation-w-helen-toner [Archived version]
[14] [Archived version] | “Farrow/Marantz — New Yorker, April 6, 2026” | Live: https://www.newyorker.com/magazine/2026/04/13/sam-altman-may-control-our-future-can-he-be-trusted
[15] [Archived version] | “Green Dot Corporation (NYSE: GDOT) — board appointment press release” | Live: https://www.marketscreener.com/quote/stock/GREEN-DOT-CORPORATION-6424125/news/Green-Dot-Corporation-Green-Dot-Announces-the-Appointment-of-Sam-Altman-to-Its-Board-of-Directors-16508611/ | Note: NOT Green Dot Capital. Altman EVP March 2012, board March 2013–April 2016
[16] [Archived version] | “Sara Bloomberg — SF Business Times, April 15, 2024” | Live: sfbusinesstimes.com [paywalled] | Reporter covers startups/tech: https://muckrack.com/sara-bloomberg-4
[17] [Archived version] | “AltC S-1 — SEC EDGAR, page 111” | Live: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=altc+acquisition&CIK=&type=S-1
[18] [Archived version] | “Eric Newcomer — Lindsay Amos / Opazazzyzen confirmation, June 2021” | Live: https://www.newcomer.co/p/odds-and-ends?nthPub=1251
[19] [Archived version] | “Removal of Sam Altman — Wikipedia” | Live: https://en.wikipedia.org/wiki/Removal_of_Sam_Altman_from_OpenAI
[20] [Archived version] | “OpenAI structure — OpenAI.com” | Live: https://openai.com/our-structure/
[21] [Archived version] | “Reddit — CNBC IPO coverage, March 21, 2024” | Live: https://www.cnbc.com/2024/03/21/sam-altmans-reddit-stake-worth-over-600-million-after-nyse-debut.html
[22] [Archived version] | “Wong resignation — Fast Company, Nov 14, 2014” | Live: https://www.fastcompany.com/3038595/
[23] [Archived version] | “Reddit Series B — Sam Altman blog, Sept 30, 2014” | Live: https://blog.samaltman.com/reddit
[24] [Archived version] | “Oklo — CNBC, April 22, 2025” | Live: https://www.cnbc.com/2025/04/22/sam-altman-steps-down-as-oklo-chair-freeing-nuclear-company-up-to-work-with-more-ai-companies.html
[25] [Archived version] | “Helion — TechCrunch March 23, 2026” | Live: https://techcrunch.com/2026/03/23/sam-altman-openai-fusion-energy-board-helion/
[26] [Archived version] [Archive2] | “Boom Supersonic Series A $33M, March 2017” | Live: https://boomsupersonic.com/press-release/boom-supersonic-raises-33-million| Alt: https://techcrunch.com/2017/03/22/boom-supersonic-raises-33m-to-build-the-fastest-airplane-for-passenger-flight/
[27] [Archived version] | “Boom Superpower — Scholl blog, Dec 2025” | Live: https://boomsupersonic.com/flyby/ai-needs-more-power-than-the-grid-can-deliver-supersonic-tech-can-fix-that
[28] [Archived version] | “WSJ June 2024 — Berber Jin, ‘opaque investment empire’” | Live: https://www.wsj.com/tech/ai/openai-sam-altman-investments-004fc785 [paywalled] | Podcast: https://podcastaddict.com/the-journal/episode/178063284
[29] [Archived version] [Archive2] | “CB Insights — Sam Altman investment web, April 2025” | Live: https://www.cbinsights.com/research/report/sam-altman-investments/ [gated] | Investor page: https://www.cbinsights.com/investor/sam-altman
[30] [Archived version] | “OpenAI Altman Investments – Forbes” | Live: https://www.forbes.com.au/news/billionaires/openai-sam-altman-investments/
[31] [Archived version] | “Max Altman — 20VC podcast” | Live: https://www.thetwentyminutevc.com/max-altman
[32] [Archived version] | “Max Altman — Venture Unlocked” | Live: https://ventureunlocked.substack.com/p/saga-ventures-on-key-lessons-on-raising
[33] [Archived version] | “Hydrazine FOIA — Fortune, Dec 19, 2023” | Live: https://fortune.com/2023/12/19/sam-altman-university-michigan-venture-fund/
[35] [Archived version] | “Apollo Projects — Crunchbase News” | Live: https://news.crunchbase.com/venture/sam-altman-startup-investments-worldcoin-openai-reddit-vital-biosciences/
[36] [Archived version] | “Jack Altman / Alt Capital — Wikipedia” | Live: https://en.wikipedia.org/wiki/Jack_Altman_(entrepreneur)
[37] [Book citation] | “Sebastian Mallaby, ‘The Power Law: Venture Capital and the Making of the New Future’ (2022)” | Covers Graham/Altman $15K-for-2% Stripe scout investment
[38] [Archived version] | “Helion + Retro ‘all my liquid net worth’ — MIT Tech Review, March 8, 2023” | Live: https://www.technologyreview.com/2023/03/08/1069523/sam-altman-investment-180-million-retro-biosciences-longevity-death/
[39] [Archived version] | “Asana Series C $50M — TechCrunch, March 30, 2016” | Live: https://techcrunch.com/2016/03/30/task-management-app-asana-raises-50m-at-a-600m-valuation-led-by-ycs-sam-altman/ | Alt: https://asana.com/inside-asana/asana-raising-50m-for-work-tracking [Archive]
[40] [Archived version] | “Soylent acquisition — see also [73][74]” | Live: https://techcrunch.com/2023/02/21/soylent-acquired-starco-brands-nutrition/
[41] [Archived version] | “Humane bricked — TechSpot, Feb 19, 2025” | Live: https://www.techspot.com/news/106833-humane-shuts-down-ai-pin-business-hp-buys.html
[42] [Archived version] | “Humane — TechCrunch, Feb 18, 2025” | Live: https://techcrunch.com/2025/02/18/humanes-ai-pin-is-dead-as-hp-buys-startups-assets-for-116m/
[43] [Archived version] | “Rain LOI — DCD, Dec 4, 2023” | Live: https://www.datacenterdynamics.com/en/news/openai-promised-to-buy-51m-chips-from-sam-altman-backed-neuromorphic-chip-company-rain-ai/
[44] [Archived version] | “Rain — CNBC, Feb 9, 2024” | Live: https://www.cnbc.com/2024/02/09/openai-ceo-sam-altman-reportedly-seeking-trillions-of-dollars-for-ai-chip-project.html
[45] [Archived version] | “Rain — Computerworld, Dec 5, 2023” | Live: https://www.computerworld.com/article/1611233/openai-signed-51m-deal-to-buy-brain-chips-from-sam-altman-portfolio-firm.html
[46] [Archived version] | “$1M inauguration — Fox Business, Dec 13, 2024” | Live: https://www.foxbusiness.com/media/openai-ceo-sam-altman-donate-1-million-trumps-inaugural-fund
[47] [Archived version] | “$1M inauguration — NPR, Dec 13, 2024” | Live: https://www.npr.org/2024/12/13/nx-s1-5227874/trump-bezos-zuckerberg-amazon-facebook-open-ai-meta-inauguration-fund
[48] [Archived version] | “$1M inauguration — The Hill, Dec 13, 2024” | Live: https://thehill.com/policy/technology/5039510-sam-altman-to-donate-1-million-in-personal-funds-to-trumps-inauguration-fund/
[49] [Archived version] | “Brockman MAGA Inc — NOTUS, Feb 19, 2026” | Live: https://www.notus.org/money/maga-megadonors-donald-trump-super-pac
[50] [Archived version] | “Brockman — Yahoo Finance / The Verge, Jan 2, 2026” | Live: https://finance.yahoo.com/news/openai-exec-becomes-top-trump-230342268.html
[51] [Archived version] | “Brockman — Brennan Center, Feb 4, 2026” | Live: https://www.brennancenter.org/our-work/analysis-opinion/pro-trump-super-pac-raises-record-breaking-305-million
[52] [Archived version] | “Warner fundraiser — Breitbart, March 10, 2025” | Live: https://www.breitbart.com/tech/2025/03/10/woke-openais-sam-altman-reverts-to-leftist-form-ditches-trump-to-host-san-francisco-fundraiser-for-democrat-sen-mark-warner/
[53] [Archived version] | “Warner ‘stab in back’ — Washington Examiner, March 10, 2025” | Live: https://www.washingtonexaminer.com/news/washington-secrets/3342126/
[54] [Archived version] | “Pentagon deal — NPR, Feb 27, 2026” | Live: https://www.npr.org/2026/02/27/nx-s1-5729118/trump-anthropic-pentagon-openai-ai-weapons-ban
[55] [Archived version] | “Pentagon deal — Built In, March 10, 2026” | Live: https://builtin.com/articles/openai-pentagon-deal
[56] [Archived version] | “Pentagon deal — Fortune, Feb 28, 2026” | Live: https://fortune.com/2026/02/28/openai-pentagon-deal-anthropic-designated-supply-chain-risk/
[57] [Archived version] | “Pentagon amendment — MIT Tech Review, March 2, 2026” | Live: https://www.technologyreview.com/2026/03/02/1133850/
[58] [Archived version] | “295% uninstalls — Sovereign Magazine, March 6, 2026” | Live: https://www.sovereignmagazine.com/article/openai-forced-to-rewrite-pentagon-deal-as-2-5-million-users-join-chatgpt-boycott
[59] [Archived version] | “Foundation structure — OpenAI.com” | Live: https://openai.com/our-structure/
[60] [Archived version] | “Foundation $25B — CNBC, Oct 28, 2025” | Live: https://www.cnbc.com/2025/10/28/open-ai-for-profit-microsoft.html
[61] [Archived version] | “PBC structure — Groundy, Feb 27, 2026” | Live: https://groundy.com/articles/openai-s-profit-pivot-what-it-means-future/
[62] [Archived version] | “$852B valuation — Techi.com” | Live: https://www.techi.com/microsoft-openai-13b-investment/
[63] [Archived version] | “$30B Public Citizen — PublicCitizen.org, Sept 30, 2024” | Live: https://www.citizen.org/news/to-convert-to-for-profit-status-openai-should-pay-30-billion-share-technology/
[64] [Archived version] | “Trial — CNBC, April 28, 2026” | Live: https://www.cnbc.com/2026/04/28/openai-trial-elon-musk-sam-altman-live-updates.html
[65] [Archived version] | “Trial — CNN, April 28, 2026” | Live: https://www.cnn.com/2026/04/28/tech/elon-musk-sam-altman-openai
CITATIONS ADDED DURING GPT PROOFREAD VERIFICATION (May 3, 2026)
[66] [Archived version] | “CA AG MOU — SSC halt/veto authority, Oct 27, 2025” | Live: https://oag.ca.gov/system/files/attachments/press-docs/Final%20Executed%20MOU%20Between%20OpenAI%20and%20California%20AG%20re%20Notice%20of%20Conditions%20of%20Non-Objection%20(10.27.2025)%20(Signed%20by%20OpenAI)%20(Signed%20by%20CA%20DOJ).pdf
[67] [Archived version] | “Helion Series E $500M — Helion press release, Nov 5, 2021” | Live: https://www.helionenergy.com/articles/helion-raises-500m/
[68] [Archived version] | “Altman $375M personal — CNBC, Nov 5, 2021” | Live: https://www.cnbc.com/2021/11/05/sam-altman-puts-375-million-into-fusion-start-up-helion-energy.html
[69] [Archived version] | “Helion Wikipedia — seed $1.5M” | Live: https://en.wikipedia.org/wiki/Helion_Energy
[70] [Archived version] | “Helion Series F $425M — GeekWire, Jan 2025” | Live: https://www.geekwire.com/2025/helion-lands-425m-to-expedite-its-race-to-try-and-claim-fusion-power-clean-energys-holy-grail/
[71] [Archived version] | “Zico Kolter SSC halt power — US News, Nov 2, 2025” | Live: https://www.usnews.com/news/business/articles/2025-11-02/who-is-zico-kolter-a-professor-leads-openai-safety-panel-with-power-to-halt-unsafe-ai-releases
[72] [Archived version] | “Not For Private Gain — ‘power to veto’ analysis, Nov 3, 2025” | Live: https://notforprivategain.org/november-update
[73] [Archived version] | “Soylent acquisition — MarketScreener SEC filing, Feb 2023” | Live: https://www.marketscreener.com/quote/stock/STARCO-BRANDS-INC-120794786/news/Starco-Brands-Inc-acquired-Soylent-Nutrition-Inc-for-29-4-million-43079493/
[74] [Archived version] | “Soylent acquisition — TechCrunch, Feb 21, 2023” | Live: https://techcrunch.com/2023/02/21/soylent-acquired-starco-brands-nutrition/
[75] [Archived version] | “OpenAI restructuring criticism — CalMatters, Oct 30, 2025” | Live: https://calmatters.org/economy/technology/2025/10/openai-restructuring-deal-full-of-holes-critics-say/
[76] [Archived version] | “Worldcoin country list — BitPinas, April 2025” | Live: https://bitpinas.com/learn-how-to-guides/list-countries-banned-investigated-worldcoin/
[77] [Archived version] | “Worldcoin — Wikipedia” | Live: https://en.wikipedia.org/wiki/Worldcoin
CITATIONS ADDED DURING GPT SUPPORT PASS (May 3, 2026)
[78] [Archived version] | “295% uninstalls — Sensor Tower PRIMARY, Feb 28, 2026” | Live: https://sensortower.com/blog/chatgpt-uninstalls-surge-amidst-deal-with-us-department-of-war
[79] [Archived version] | “295% uninstalls — TechCrunch, March 2, 2026” | Live: https://techcrunch.com/2026/03/02/chatgpt-uninstalls-surged-by-295-after-dod-deal/
[80] [Archived version] | “295% uninstalls — Dataconomy, March 3, 2026” | Live: https://dataconomy.com/2026/03/03/chatgpt-uninstalls-skyrocket-295-percent-after-openai-pentagon-deal/
[81] [Archived version] | “Sam Altman LP in Altman Capital — The Information” | Live: https://www.theinformation.com/articles/sam-altmans-tangle-of-investments
[82] [Archived version] | “Stripe $15K for 2% — Forbes India” | Live: https://www.forbesindia.com/article/global-game/cross-border/sam-altman-the-alchemist-of-ai/2992497/1

Alternative Citations: