OpenAI told Bloomberg that the company's nonprofit entity would persist in any future restructuring. BI previously reported that the nonprofit would retain only a minority stake if the company becomes for-profit.
A person familiar with the situation told Bloomberg that OpenAI will submit details of its restructuring plan to Attorney General Rob Bonta after finalizing its proposal.
While our work remains ongoing as we continue to consult independent financial and legal advisors, any potential restructuring would ensure the nonprofit continues to exist and thrive and receives full value for its current stake in the OpenAI for-profit with an enhanced ability to pursue its mission, OpenAI nonprofit board chairman Bret Taylor told Bloomberg.
Reports of the California attorney general's involvement in the process indicate the company is one step closer to formalizing the unprecedented shift, which would require the attorney general's approval.
Collection
[
|
...
]