OpenAI has lost another board member with the departure of former Texas representative Will Hurd, who announced at the end of June that he was entering the field of 2024 presidential candidates. Hurd is the third director to leave the ChatGPT maker’s board this year. LinkedIn co-founder Reid Hoffman announced he was stepping down due to investment conflicts in March, two months before he launched the chatbot startup Inflection AI. Neuralink Corp. executive and Elon Musk associate Shivon Zilis...

Sequoia Capital’s $16.4 billion wealth-management arm is eyeing credit and real estate investments for the first time since the fund’s early days, and seeking to capitalize on a wave of investor interest in making private equity portfolios more liquid. Sequoia Heritage, as the little-known wealth unit is called, is plotting a different course from the venture capital firm as Sequoia Capital prepares to split up in response to US-China tensions. It’s hunting for investments that it deems to be...

Larry Ellison, the world’s fourth-richest person, exercised expiring options and sold $640 million of Oracle Corp. shares this week after the company’s stock surged to a record. Ellison, 78, offloaded 5.25 million shares from June 20 through June 22 at an average price of about $122, according to a filing late Thursday. During that same period, he also exercised stock options at a conversion price of $30.11 that granted him 5.25 million shares. The vast gap between the strike price and the...

The optimism around artificial intelligence boosted both Oracle Corp.’s stock — and founder Larry Ellison’s net worth — to record highs on Monday. Ellison, 78, passed Microsoft Corp. founder Bill Gates to become the world’s fourth-richest person with a net worth of $129.8 billion, according to the Bloomberg Billionaires Index. It’s the first time that Ellison is richer than Gates, whose net worth is currently $129.1 billion, and the first time Ellison has ranked higher than fifth on the list,...

The 48th floor of the Transamerica Pyramid used to hold a conference room with panoramic views of the San Francisco Bay. Today, there’s a hollowed out construction site. By the end of the year, it will be a 45-seat sky bar that will open only for the tower’s clientele. It’s an upscaling transformation for the 50-year-old San Francisco landmark — and a bold, costly investment in a real estate market now known for its empty buildings.