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OpenAI Secures $4 bln Credit Facility

The OpenAI logo is seen in this illustration taken, February 3, 2023. (Reuters)
The OpenAI logo is seen in this illustration taken, February 3, 2023. (Reuters)
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OpenAI Secures $4 bln Credit Facility

The OpenAI logo is seen in this illustration taken, February 3, 2023. (Reuters)
The OpenAI logo is seen in this illustration taken, February 3, 2023. (Reuters)

OpenAI said on Thursday it has secured a new $4 billion credit facility, in addition to the $6.6 billion investment the AI startup unveiled on Wednesday.

The revolving credit facility that is undrawn at closing has been established with JPMorgan Chase, Citi, Goldman Sachs, Morgan Stanley, Santander, Wells Fargo, SMBC, UBS and HSBC, Reuters reported.

The company now has access to over $10 billion in liquidity, OpenAI said in a blog post.

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EU Privacy Regulator Fines Meta 91 Million Euros over Password Storage

A logo of Meta Platforms Inc. is seen at its booth, at the Viva Technology conference dedicated to innovation and startups, at Porte de Versailles exhibition center in Paris, France June 17, 2022. REUTERS/Benoit Tessier
A logo of Meta Platforms Inc. is seen at its booth, at the Viva Technology conference dedicated to innovation and startups, at Porte de Versailles exhibition center in Paris, France June 17, 2022. REUTERS/Benoit Tessier
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EU Privacy Regulator Fines Meta 91 Million Euros over Password Storage

A logo of Meta Platforms Inc. is seen at its booth, at the Viva Technology conference dedicated to innovation and startups, at Porte de Versailles exhibition center in Paris, France June 17, 2022. REUTERS/Benoit Tessier
A logo of Meta Platforms Inc. is seen at its booth, at the Viva Technology conference dedicated to innovation and startups, at Porte de Versailles exhibition center in Paris, France June 17, 2022. REUTERS/Benoit Tessier

The lead European Union privacy regulator fined social media giant Meta 91 million euros ($101.5 million) on Friday for inadvertently storing some users' passwords without protection or encryption.

The inquiry was opened five years ago after Meta notified Ireland's Data Protection Commission (DPC) that it had stored some passwords in 'plaintext'. Meta publicly acknowledged the incident at the time and the DPC said the passwords were not made available to external parties.

"It is widely accepted that user passwords should not be stored in plaintext, considering the risks of abuse that arise from persons accessing such data," Irish DPC Deputy Commissioner Graham Doyle said in a statement, according to Reuters.

The DPC is the lead EU regulator for most of the top US internet firms due to the location of their EU operations in the country.

It has so far fined Meta a total of 2.5 billion euros for breaches under the bloc's General Data Protection Regulation's (GDPR), introduced in 2018, including a record 1.2 billion euro fine in 2023 that Meta is appealing.