OpenAI to remove non-profit control and give Sam Altman equity, sources say

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OpenAI to remove non-profit control and give Sam Altman equity, sources say - Channel News Asia

Quick Summary:

SAN FRANCISCO : ChatGPT-maker 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, people familiar with the matter told Reuters, in a move that will make the company more attractive to investors.

The company captured global attention with the launch of ChatGPT in late 2022, a generative AI app that spit out human-like responses to text queries, which has become one of the fastest-growing applications in history with over 200 million weekly active users, igniting a global race to invest in AI.

The new structure of OpenAI would resemble that of its major rival Anthropic and Elon Musk's xAI, which are registered as benefit corporations, a form of for-profits that aim to promote social responsibility and sustainability in addition to making profits.