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OpenAI secures Microsoft’s blessing to transition its for-profit arm
OpenAI and Microsoft say they reached a non-binding agreement for the startup to transition its for profit arm into a public benefit corporation.
OpenAI announced Thursday that it reached a non-binding agreement with Microsoft, its largest investor, on a revised partnership that would allow the startup to convert its for-profit arm into a public benefit corporation (PBC). However, ChatGPT is a much larger business than when Microsoft first invested in the startup back in 2019, and OpenAI has reportedly sought to loosen the cloud provider’s control as part of these negotiations. Lawyers representing Musk in the lawsuit — which at its core accuses Sam Altman, Greg Brockman, and the company of abandoning its nonprofit mission — have tried to surface information related to Microsoft and OpenAI’s negotiations over the transition.
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