OpenAI completes corporate reorganization with support from Microsoft
OpenAI has completed its long, drawn-out reorganization into a public benefit corporation, the company announced today in a blog post attributed to board of directors chair Bret Taylor. As part of the reorg, OpenAI's nonprofit, now called the OpenAI Foundation, will retain control of OpenAI's for-profit division and hold an equity stake in the company valued at approximately $130 billion. According to Taylor, the Foundation will gain additional control over the for-profit once it reaches an unspecified "valuation milestone." Today's announcement wouldn't have been possible without acquiescence from Microsoft, which before OpenAI recently raised more startup capital, held a 32 percent stake in the company's for-profit unit. In blog post it publishe [...]
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