Get the latest tech news
OpenAI Plans Corporate Overhaul To Draw More Investment
OpenAI plans to overhaul its corporate structure by converting its for-profit business into a Delaware public benefit corporation, seeking to raise capital from investors who want conventional equity stakes. The Microsoft-backed AI startup will scrap its unusual hybrid model where a nonprofit cont...
OpenAI plans to overhaul its corporate structure by converting its for-profit business into a Delaware public benefit corporation, seeking to raise capital from investors who want conventional equity stakes.The Microsoft-backed AI startup will scrap its unusual hybrid model where a nonprofit controls a capped-profit entity. Under the plan, OpenAI's nonprofit wing will receive shares in the new public benefit corporation at a valuation set by outside advisers. The startup, which launched ChatGPT in 2022 and claims 300 million weekly users, said its current structure hampers fundraising at the scale needed to advance artificial general intelligence development.
Or read this on Slashdot
