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OpenAI to remove non-profit control and give Sam Altman equity
Restructuring plan for OpenAI's core business will turn it into a 'for-profit benefit corporation', amid funding drive
Now Reuters, citing people familiar with the matter, reported that OpenAI is working on a plan to restructure its core business into a ‘for-profit benefit corporation’ that will no longer be controlled by its non-profit board – in a move that will make the company more attractive to investors. Reuters noted that CEO Sam Altman will also receive equity for the first time in the for-profit company, which could be worth $150 billion after the restructuring as it also tries to remove the cap on returns for investors. Image credit: AppleThe project was first reported in September 2023, but Sir Jony has only now confirmed it in a New York Times profile about his activities since leaving Apple five years ago.
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