OpenAI completes its for-profit recapitalization
OpenAI on Tuesday said it had completed its recapitalization, splitting the AI lab into a for-profit corporation nested inside a non-profit foundation. It’s the end result of a complex legal process that had been strenuously resisted by its estranged co-founder, Elon Musk. Under the new structure, the non-profit OpenAI Foundation will have legal control over a public benefit corporation called OpenAI Group, which is free to raise funding or acquire companies without legal restraint. The Foundation will hold a significant stake in OpenAI Group, and will appoint its board of directors. “We believe that the world’s most powerful technology must be developed in a way that reflects the world’s collective interests,” OpenAI chairman Brett Taylor wrote in a blog post….
