OpenAI is restructuring its core business into a for-profit benefit corporation, shifting control from its non-profit board. The OpenAI non-profit will continue to exist and hold a minority stake in the new for-profit company, but the reorganization will bring a new governance structure.
According to a Reuters report, CEO Sam Altman will have equity, which could value the company at $150 billion. The plan also seeks to remove the investor return ceiling. The specifics of the reorganization are still being discussed with the legal advisors and the owners of the shares, and it is still not known when the process should be completed.
This shift also comes at a time when there has been a change in leadership, with CTO Mira Murati leaving the company and OpenAI’s president, Greg Brockman, taking time off. OpenAI has reiterated the company’s ongoing focus on creating beneficial AI with the non-profit staying at the core of its mission.
This is a developing story
Source: https://www.cryptopolitan.com/sam-altman-to-receive-150-billion-equity-as-openai-turns-to-for-profit/