Fairmoney's Revenue Soars 62% to ₦121.9 Billion, Driven by Customer Deposits
Nigerian consumer-focused lending fintech Fairmoney reports significant revenue growth, driven by customer deposits and improved profitability
Jordan Vega
Sam Altman, CEO of OpenAI, is reportedly building a social network that could potentially rival those of tech giants Elon Musk and Mark Zuckerberg. According to multiple sources familiar with the matter, the project is still in its early stages, but an internal prototype has already been developed, focusing on ChatGPT's image generation capabilities.
The social network, which may be released as a separate app or integrated into ChatGPT, could significantly increase Altman's rivalry with Musk, who recently made an unsolicited offer to purchase OpenAI for $97.4 billion. Altman responded to the offer by jokingly suggesting that OpenAI would buy Twitter for $9.74 billion instead. This move could be seen as a direct challenge to Musk's Twitter, which has been a key platform for his online presence.
OpenAI's entry into the social media market also puts it on a collision course with Meta, which is planning to add a social feed to its upcoming standalone app for its AI assistant. When reports of Meta's plans surfaced, Altman responded by saying that OpenAI might develop a social app as well. This development could lead to a heated competition between the two companies, with each trying to outdo the other in the AI-powered social media space.
The social network could provide OpenAI with its own unique, real-time data to train its AI models, which is currently a key advantage held by X and Meta. Musk's Grok surfaces content from X in its results, while Meta trains its Llama AI on its vast trove of user data. By having its own social network, OpenAI could level the playing field and gain a competitive edge in the AI development space.
One idea behind the OpenAI social prototype is to use AI to help people share better content. According to someone working at another big AI lab, "The Grok integration with X has made everyone jealous, especially how people create viral tweets by getting it to say something stupid." This could be a key selling point for OpenAI's social network, as users may be drawn to the ability to create engaging content with the help of AI.
While it's unclear if OpenAI's social media project will ever see the light of day, its existence shows that the company is thinking about expansion and growth. With expectations for its future growth sky-high, OpenAI's move into social media could be a significant turning point in its development.
As the AI landscape continues to evolve, it will be interesting to see how OpenAI's social network project unfolds. With its focus on image generation and AI-powered content creation, it could potentially disrupt the social media space and challenge the dominance of established players like Twitter and Meta.
Nigerian consumer-focused lending fintech Fairmoney reports significant revenue growth, driven by customer deposits and improved profitability
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