Financial reports or press releases from OpenAI or reputable financial news outlets

OpenAI Restructures to For-Profit Model with Public Benefit Structure to Prevent Hostile Takeovers

Oct 9, 2024, 04:25 PM

OpenAI is undergoing a significant restructuring to transition from a non-profit to a for-profit model. COO Brad Lightcap discussed the company's need to evolve during the transition. This change aims to adopt a public benefit structure to fend off hostile takeovers and protect the company from outsider interference. The restructuring includes key personnel departures, such as CTO Mira Murati, and involves significant investment rounds. The new structure will be independent, with equity in the company and a new leader at the helm instead of Sam Altman.