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OpenAI to remove non-profit control and give Sam Altman equity
(www.reuters.com)
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this post was submitted on 26 Sep 2024
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Least shocking news ever. This has clearly been in the works for a while. Not that it'll matter at this point, given that the notion of OpenAI making any profit is kind of a pipe dream right now.
This is mostly just a play to get investors to sink more money into covering their absolutely insane cash burn for another year.
They might not make a profit, but Altman will be able to extract a lot of wealth by using 7% of a billions of dollars valuation. Even if he doesn't sell any he can use it as collateral against loans to effectively turn them into cash.
Oh, absolutely. Altman is going to plunder this sinking ship for everything it's worth, and then bail into a CTO position somewhere else. All the C suite at OpenAI will win big no matter what, everyone else there will get fucked.