Openai abandoned the controversial restructuring plan. In a dramatic reflection, the company He said the two He no longer tries to separate control of her profitary arm from the non -profit plate that currently oversees the operations. "We have made a decision to retain the control of non -profit organizations in Openai after listening to civilian leaders and engaging in a constructive dialogue with the offices of the Public Prosecutor in Dilayer and California Public Prosecutor," Brett Taylor, Chairman of the Openai Board of Directors, said.
Openai originally argued with his current structure that will not allow its non -profit organizations "Easily more than controlling profit." She also said that she needs more money, just after two months 6.6 billion dollars in new investments. "We again need to raise the capital more than we imagined," The company was written in December. "Investors want to support us, however, on this range of capital, they need traditional stocks and the lowest structural poisoned."
The previous plan for Openai called for the absolute control over the profit, in exchange for any degree of control that came with the amount of shares granted through the reorganization process.
This was the controversial part of the Openai plan, with many, including former employees, Workers and non -profit groups Even Elon MuskExpress the opposition to the proposal. Now, the company says that non -profit will retain control and become a "A major shareholder in PBC."
"How will non -profit organizations maintain control? How will this purpose be developed?" Ask Horowitz generationProfessor of visiting law at Northwestern University. "We know from the press that Openai plans to appoint all members of the Board of Directors in the operating entity. Will this happen forever? Who will be? Will it be a self -call? Will investors to profit have an opinion on who are the members of the Board of Directors?"
In other words, Openai did not say the exact structure that it intends to implement. according to Professor Michael DorfExecutive Director of Lowell Milkeen for Law and Business Policy at the University of California, Los Angeles, the company can build one of some different options.
"If you have one category of stocks, or a single share vote, they elect a council. You can only give non -profit, the majority of shares, then elect the majority of the council. So they will be responsible, at least for a while," He says.
"More stable governance arrangements can be made by owning a double category shares, as non -profit organizations will have a category of stocks, and they will be the only owners in that category of shares that are either super -voting shares, once again, with giving them a majority, or even better, you can determine a category of shares and tell them the right to choose the majority of the painting."
In short, the company did not say how it plans to ensure the maintenance of non -profit control. The non -profit organization may have a file "big" A class to start, but there are some different ways that can be diluted. Even if you allocate the idea of public subscription at the present time, the company can still issue new shares or implement the division of shares. In those scenarios, if the non -profit company Openai does not have special shares, its control over the company will weaken.
according to BloombergMicrosoft has yet to sign Openai’s proposal. The company has almost invested 14 billion dollars in Openai. Under the conditions of the financing round in October, Openai had two years to turn itself into a profitable company. If you fail to do so, 6.6 billion dollars that have been secured will turn into debts. We definitely do not know, but it is likely that the issue of controlling the introduction and the middle of the negotiations between Microsoft and Openai, with the company’s financial future at stake. What makes matters more complicated is that whatever the arrangement reached by the two, rubber must be sealed by the state lawyer in California and Dillauer.
"We look forward to promoting the details of this plan in a continuous conversation with (The State Ags), Microsoft and the newly appointed non -profit delegates," He wrote in his letter.
Parts of the previous Openai’s plan are still unchanged. As before, the company will reorganize its profit to a Public benefit company. When doing this, Openai is still planning to get rid of the current profit structure that limits the investor’s revenues to 100x, with surfred profits of the non -profit organization. Openai has never registered profit. As of last year, the company registered around it $ 5 billion of losses.
"This is not a sale, but changing the structure to something is simpler," The CEO of Openai Sam Altman wrote in a letter to the joint employees of the company. "Instead of our current-covered structure-it is logical when it seemed that there may be one dominant effort on AGI, but it is not in a world of many great AGI companies-we move to the normal capital structure where each person has a stock."
This article was originally appeared on Engadget on https://www.engadget.com/ai/openais-new-for-profit-plan-leaves-Many-unswred-questees-193942365.html?
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