OpenAI announces plan to transform into a for-profit company2024-12-27 15:35 by DanielaTags: OpenAI
OpenAI says its corporate structure must evolve to advance its mission of ensuring artificial general intelligence (AGI) - AI that can complete most tasks humans can - benefits all humanity. OpenAI currently has a for-profit org controlled by a nonprofit, with a "capped profit" share for investors and employees. But in a blog post published Friday, the company says it plans to begin transitioning its existing for-profit into a Delaware Public Benefit Corporation (PBC), with ordinary shares of stock and the OpenAI mission as its public benefit interest. Those details had been reported elsewhere. In December, The New York Times revealed that OpenAI was in discussions to pay its nonprofit billions of dollars for it to cede control. However, it's the first time OpenAI has laid out its proposal in a public memo. "As we enter 2025, we will have to become more than a lab and a startup - we have to become an enduring company," OpenAI wrote in its post. "The world is moving to build out a new infrastructure of energy, land use, chips, data centers, data, AI models, and AI systems for the 21st century economy. We seek to evolve in order to take the next step in our mission." OpenAI was founded in 2015 as a nonprofit research lab. But as its experiments became increasingly capital-intensive, it created its current structure, taking on outside investments from VCs and companies including Microsoft. Read more -here-
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