https://www.law.com/2023/11/20/openais-unique-corporate-structure-may-have-been-recipe-for-trouble/
AP Photo/Michael Dwyer“You either go nonprofit or you go for-profit, I don’t think you can split the difference,” corporate governance expert Charles Elson said.
November 20, 2023 at 08:19 AM
5 minute read
What You Need to Know
- Open AI is a nonprofit but owns a for-profit subsidiary that has attracted billions of dollars from investors.
- The nonprofit’s board fired CEO Sam Altman Friday, touching of drama that culminated Monday with his hiring by Microsoft.
- Microsoft, OpenAI’s largest investor, said colleagues of Altman also will be making the move.
The mind-spinning developments at OpenAI since Friday are a cautionary tale for the legion of companies that have become interested in mixing traditional business with altruism, a prominent corporate governance expert said.
Crucial to the firing of CEO Sam Altman on Friday were the conflicting goals of the nonprofit parent company OpenAI and its for-profit subsidiary, whose spectacular earnings potential had attracted billions of dollars in investment from Microsoft and others. many national news outlets reported over the weekend.
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