The writer is an anthropologist and author of ‘In Chocolate We Trust’
OpenAI is preparing for what could be one of the largest initial public offerings in history — and one of the oddest. When the world’s most valuable AI start-up goes public it will be under the control of an American charity.
Following a contentious restructuring last year, OpenAI converted its for-profit arm into a public benefit corporation. This is controlled by the OpenAI Foundation charity, which despite owning only about 26 per cent of the company has special governance rights, including the power to appoint and remove directors. The foundation’s stake makes it one of America’s wealthiest non-profits, larger than the Gates Foundation’s endowment.
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