alt Hacker NewsThe nonprofit (OpenAI Foundation) owns ~26% of the for-profit, plus some extra warrants.
The for-profit (OpenAI Group PBC) is what's filing the S-1 Draft.
The OpenAI Foundation also exclusively appoints the board of the OpenAI Group PBC and can replace directors at any time.
https://openai.com/our-structure/
(I work at OpenAI, but I am not a lawyer and am not speaking on behalf of OpenAI - just sharing my personal understanding.)
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to11mtm • today at 12:07 AM
If they truly wanted it to be in the benefit of the not-for-profit and safe from interference, the ownership by the foundation would be much closer to or just over 50%.... just thinking out loud...
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> The OpenAI Foundation also exclusively appoints the board of the OpenAI Group PBC and can replace directors at any time.
Isn't it hard to write this with a straight face?