Especially so if the Non-profit foundation doesn't retain voting control, this remains the greatest theft of all time. I still can't quite understand how it should at all be possible.
Looking at the changes for MSFT, I also mostly don't understand why they did it!
Nevermind, looks like the nn-profit gave up voting control lol:
"All equity holders in OpenAI Group now own the same type of traditional stock that participates proportionally and grows in value with OpenAI Group’s success. The OpenAI Foundation board of directors were advised by independent financial advisors, and the terms of the recapitalization were unanimously approved by the board."
Truly, truly the greatest theft from mankind in history and they dress it up as if the non-profit is doing anything other than giving away the most valuable startup in history for a paltry sum.
Credit where credit is due, Sam Altman is the greatest dealmaker of all time.
Will be interesting if we get to hear what his new equity stake is!
The non-profit controls the board of the for profit and can replace them at any time. They also serve in the for-profit board. This is according to the NY times article.
The nonprofit will own 26%, and a warrant that it will get more shares if the share price grows more than 10 times after 15 years. Sam Altman is getting no shares as part of this restructuring.
I've read this but it's extremely vague: https://openai.com/index/built-to-benefit-everyone/
As is this: https://openai.com/our-structure/
Especially so if the Non-profit foundation doesn't retain voting control, this remains the greatest theft of all time. I still can't quite understand how it should at all be possible.
Looking at the changes for MSFT, I also mostly don't understand why they did it!