World Street | OpenAI plans for-profit shift, Jeju Air shares plunge after crash, Trump challenges TikTok ban, and more

World Street

OpenAI plans to restructure for-profit operations, Jeju Air's stock plunge after a deadly crash, Donald Trump’s Supreme Court appeal on the TikTok ban, and a looming U.S. debt ceiling crisis. All this and more on the December 30 edition of World Street.

Jimmy Carter Dies at 100
Former U.S. President Jimmy Carter, aged 100, has passed away, the Carter Center announced Sunday. Carter, who had been in hospice care since February 2023 at his home in Plains, Georgia, died peacefully, surrounded by family. The Nobel laureate, known for his humble beginnings and leadership from 1977 to 1981, spent his later years advocating for global peace and human rights.

OpenAI Plans for a For-Profit Shift in 2025
OpenAI revealed plans to transition into a public benefit corporation by 2025, enabling more flexible funding and operations. The company stated it needs significant capital to maintain its mission as AI development costs soar. Investors have expressed interest, but OpenAI says conventional equity is essential to meet the scale of financing required.

Jeju Air Shares Hit Record Low 
Jeju Air shares fell 8.4 percent on Monday, hitting a record low of 6,920 won after a deadly crash at Muan International Airport killed 179 people. Earlier in the session, the stock plunged 15.7 percent. Shares of its parent company, AK Holdings, also dropped 12 percent, reaching their lowest level in 16 years. This was the budget airline's first fatal accident since its founding in 2005.

Trump Asks SC to Delay TikTok Ban
Donald Trump has requested the U.S. Supreme Court to pause a law set to ban TikTok or force its sale, arguing for time to pursue a political solution after taking office. ByteDance, TikTok's Chinese owner, must sell the app to a U.S. company by Jan. 19 or face a ban. With over 170 million U.S. users, TikTok is seeking to overturn the law before its deadline.

U.S. Debt Ceiling Could Be Reached by Jan. 14
Treasury Secretary Janet Yellen warned that the U.S. could hit its debt ceiling as early as Jan. 14. In a letter to lawmakers, Yellen urged swift action to maintain the nation’s credit. She noted a $54 billion reduction in debt on Jan. 2 due to Medicare-related securities redemption, but extraordinary measures may still be needed between Jan. 14 and Jan. 23 to avoid default.