Photo illustration: Rebecca Zisser / Axios

Sam Altman is stepping down as president of influential startup incubator Y Combinator, in order to spend more time on outside interests like the OpenAI research organization. He'll transition into a chairman role, with many of his day-to-day responsibilities assumed by YC's partners.

Why it matters: YC is known for breeding unicorns, having incubated such startups as Airbnb, Dropbox, Stripe and Twitch.

Altman was YC's second-ever president, hand-picked in 2014 by predecessor Paul Graham, and has significantly expanded the program's scale. He tells Axios that he only sees the program continuing to grow:

"As capital and advice get more commoditized, network becomes the durable advantage."
— Altman

YC today also will confirm reports that it plans to move both its headquarters and its Demo Days from Mountain View into San Francisco. The new Demo Day also will be split into 2 tracks, due to the larger number of companies.

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Updated 2 hours ago - Politics & Policy

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Illustration: Aïda Amer/Axios

  1. Politics: Americans feel Trump's sickness makes him harder to trustFlorida breaks record for in-person early voting — McConnell urges White House not to strike stimulus deal before election — Republican senators defend Fauci as Trump escalates attacks.
  2. Health: The next wave is gaining steam.
  3. Education: Schools haven't become hotspots — University of Michigan students ordered to shelter-in-place.
  4. World: Ireland moving back into lockdown — Argentina becomes 5th country to report 1 million infections.

Report: Goldman to settle DOJ probe into Malaysia's 1MDB for over $2B

Illustration: Lazaro Gamio/Axios

Goldman Sachs has agreed with the Department of Justice to pay over $2 billion for the bank's role in Malaysia's multi-billion dollar scandal at state fund 1MDB, Bloomberg first reported.

Why it matters: The settlement, expected to be announced within days, would allow Goldman Sachs to avoid a criminal conviction in the U.S. over the bribery and money laundering scandal that saw three of its former bankers banned for life from the banking industry by the Federal Reserve Board.

Trump threatens to post "60 Minutes" interview early after reportedly walking out

Trump speaks to reporters aboard Air Force One, Oct. 19. Photo: Mandel Ngan/AFP via Getty Images

President Trump tweeted on Tuesday that he was considering posting his interview with CBS' "60 Minutes" prior to airtime in order to show "what a FAKE and BIASED interview" it was, following reports that he abruptly ended the interview after 45 minutes of taping.

Why it matters: Trump has escalated his war on the media in the final stretch of his re-election campaign, calling a Reuters reporter a "criminal" this week for not reporting on corruption allegations about Hunter Biden and disparaging CNN as "dumb b*stards" for the network's ongoing coronavirus coverage.