Monday, December 4, 2023

Microsoft Stock Price Jumps on Sam Altman Hire

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Microsoft Stock Price Jumps on Sam Altman Hire

Microsoft is hiring Sam Altman to helm a new advanced AI research team.

Microsoft is hiring Sam Altman to helm a new advanced AI research team. (Jason Redmond/Agence France-Presse/Getty Images)

How much is Sam Altman worth? Quite a bit judging by Microsoft’s stock price.

Shares in the tech colossus rose more than 2% Monday in offhours trading after it hired the artificial-intelligence expert. Altman was booted late Friday from his previous outfit, OpenAI, which had significant backing from Microsoft.

Microsoft (MSFT) has a market value of more than $2.75 trillion, meaning the post-Altman move, if it holds, represents an additional $55 billion in value. It would also put Microsoft’s share price at a new record high.

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