As OpenAI files for IPO, Sam Altman’s eye-scanning company is doing layoffs, report says

Tools for Humanity, the identity verification company founded by Sam Altman, is undergoing layoffs as it struggles to generate revenue. The company, which is developing an iris-scanning device called the Worldcoin Orb, has seen its valuation drop significantly. In early 2024, Tools for Humanity was valued at $3 billion, but a recent funding round aimed to raise $50 million at a valuation of $1 billion, according to reports. The company has also faced scrutiny over its data privacy practices and the long-term implications of its global digital identity system. Despite these challenges, Tools for Humanity has continued to expand its user base, with over 10 million users reportedly having scanned their irises for a World ID. The company's financial difficulties come at a time when its founder, Sam Altman, is also reportedly preparing OpenAI for an initial public offering (IPO).