alt Hacker NewsThey're IPOing a commercial subsidiary of OpenAI so that it can donate even more money to the parent nonprofit.
(Actually the subsidiary is everything and the nonprofit is a do-nothing fig leaf but the IRS and Congress seem to not care enough to stop them.)
Replies
siren2026 • today at 1:23 AM
Just the fact that they still calling themselves OpenAI is so grotesque.
Similar to Google with "Don't be evil". At least they got the decency to eventually remove it when they realized they were actually doing evil.
Atreiden • yesterday at 11:04 PM
But then private shareholders are able to extract shareholder value from the subsidiary, so the "nonprofit" component is utterly meaningless here.
How is this not illegal? What prevents any nonprofit from doing this to sidestep its filing status and extract profit?
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Checks and balances dear sirs and madams, checks and balances. Excepts apparently it meant cheques used to top up account balances.