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Govt extends term of IPO-bound LIC’s chairman & MD by one year

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Govt extends term of IPO-bound LIC’s chairman & MD by one year

The government has extended the term of the chairman of the IPO Life Insurance Company (LIC) for another year to facilitate the smooth listing of the insurance giant, sources said.

In addition, the government extended the term of one of the managing directors, Raj Kumar, for another year.

With the extension, MR Kumar will remain as LIC chairman until March 2023, sources said.

This is the second extension of the LIC chairman. In June last year, he was given a nine-month extension given LIC’s planned IPO by the end of the current financial year.

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The government has extended MR Kumar’s term from June 30, 2021 to March 13, 2022, the date when he will complete his three-year period, sources said.

The government wants to list LICs in this financial year based on the budget announcement.

Finance Minister Nirmala Sitharaman said in her budget speech that LIC’s initial public offering (IPO) will be listed in 2021-22 as part of an ambitious Rs 175 crore divestment target.

The government owns 100% of LIC. Once listed, it is likely to become the country’s largest company by market capitalization, with an estimated valuation of Rs 8-1 crore.

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OpenAI buys new domain chat.com for over $15 million, it redirects to ChatGPT

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OpenAI buys new domain chat.com for over  million, it redirects to ChatGPT

The previous owner of the domain turned out to be Dharmesh Shah, founder and CTO of software company HubSpot

OpenAI has bought the domain chat.com. Clicking on it automatically routes you to the ChatGPT website.

The AI giant’s CEO Sam Altman announced this on Thursday, November 7, 2024, by simply posting the URL on X (Formerly Twitter) without any description or reasoning.

Altman’s post has already gotten over 3 million views and nearly 15k likes. The domain purchase is likely part of a rebranding effort.

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The domain’s previous owner turned out to be Dharmesh Shah, founder and CTO of software company HubSpot. Shah announced this in posts on X and LinkedIn.

Also Read: Elon Musk’s net worth surges by $26.5 billion after Donald Trump wins US election; Bezos, Ellison, Buffett follow suit

In his post, he detailed how he had purchased the domain for $15.5 million earlier this year and sold it later to an undisclosed (at that time) buyer.

“Well, in an 8 character tweet (talk about brevity), Sam Altman, the CEO of OpenAI revealed that they were the buyer,” he wrote. ”If you visit the website now, it goes to ChatGPT.” Shah wrote he was not at liberty at that time to share who the acquirer was as he was “going to leave that to them, when they were ready.”

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He then went on to share GPT o1 prompt which reasoned the entire episode. “When he does sell a domain, it’s almost never at a loss,” and “Dharmesh doesn’t like profiting off of people he considers friends,” the prompt read, which could mean he did sell it for more than the $15.5 million he bought it for, since it also says he doesn’t like referring to himself in the third person.

However, its also indicated he got compensated in OpenAI shares since the prompt reads that he “always wanted to own OpenAI shares,” that “he doesn’t need the cash from a domain sale,” and that “he made a non-humble brag earlier this year that he’s now an investor in OpenAI.”

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