"Delaware's attorney general is seeking an independent investment bank to evaluate OpenAI’s for-profit conversion, which could delay the process and affect funding prospects."
"OpenAI needs state approvals for its transition to a for-profit entity to secure investments, even as its valuation dynamics are complicated by external bids."
Delaware's attorney general is hiring an investment bank to independently advise on OpenAI's transition from a nonprofit to a for-profit entity, potentially extending the timeline for the conversion. This move comes as OpenAI requires regulatory approval to attract new investments and aim for a public offering. The assessment could complicate OpenAI's plans, particularly influenced by Elon Musk's recent $97.4 billion bid, which experts believe may have raised the nonprofit's valuation, further affecting the pricing dynamics of the transition process.
Read at TechCrunch
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