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OpenAI has completed its long, drawn-out reorganization into a public benefit corporation, the company announced today in a blog post attributed to board of directors chair Bret Taylor. As part of the reorg, OpenAI's nonprofit, now called the OpenAI Foundation, will retain control of OpenAI's for-profit division and hold an equity stake in the company valued at approximately $130 billion. According to Taylor, the Foundation will gain additional control over the for-profit once it reaches an unspecified "valuation milestone."
Today's announcement wouldn't have been possible without acquiescence from Microsoft, which before OpenAI recently raised more startup capital, held a 32 percent stake in the company's for-profit unit. In Source: https://www.engadget.com/ai/openai-completes-corporate-reorganization-with-support-from-microsoft-133109385.html?src=rss Disclaimer of liability !!!
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