Openai's board is locked in complex negotiations to become a profitable company, struggling to determine the value of Microsoft's stake in the first place of 30bn.
CHETGTPT ACTAR, retained by its Board of Directors, has been deliberating since September which divided the start of the second. Its an interesting, responsible arm OpenaiThe first pledge to 'help humanity', will be given a stake in the newly established Public Benefit Program (PBC).
One obstacle to the transition is how good a starting backer he is, Microsoftwould stick to the PBC, according to information about the talks. Another consideration, as the main equity of Sam Saltalman will be given to the new company, should also be released.
According to three people familiar with the negotiations, the charity's arm could be valued at around 30bn, but the final price is to be determined. Most of that amount will be met in the form of equity in PBC, one person added, with the remainder paid in cash.
“That's a new thing where non-profits have profit margins,” said Karla Hennis, KDA's head of management, adding that such transactions were paid in cash.
The restructuring will create “one of the best profits in history”, according to Openai. But others, including Elon Musk, argue that the true value of the profit is much higher, given its current control over Openai, which is worth $157bn.
The change is designed to allow Openai to raise several tens of millions of dollars from investors, where the startup's ideas are important for the development of cross-functional intelligence models. But it is also a big break from the onnai base as a profit and a very difficult movement where there is little legal work.
Openai agreed a two-year deadline to complete the turnaround with investors as part of its latest funding round in September. If the changes are not completed by the deadline, investors can put back the $6.6bn they put into the company.
For its non-involved stakeholders, Microsoft's relationship with Openai is a sensitive one.
“Finding out that Microsoft is equally capable without attracting the attention of another important part of changing PBC,” said another person close to Openai.
Openai and Microsoft declined to comment.
On Tuesday, Microsoft announced that it will change its position with Openai to create a chivalry cloud startup services.
The move means Microsoft will relinquish its position as the exclusive service provider to Opennai and retain the right of first refusal. Microsoft said that “Key elements” of the partnership with Opena will remain in place until the end of 2030, when their current agreement, ends.
That move as onnai announced this week was bad To join the joint ventge With terbank tergate terbank, which has plans to build at least 100bn in AI infrastructure in the US.
The move to become a for-profit company has proven to be disruptive in Silicon Valley as Opennai's future is influencing the global race to develop and commercialize AI.
The proposed transaction led to the voifeus laws in the musk, Openai Calmer who established the rive group, in Xai. Musk wanted to be right against the change, that Openai onnai even tired the researchers, including him, including himself, who thought they were supporting the research team.
Openai was established as a non-profit organization in 2015. In 2019, it created a profit fund, created a profit-driven return, which returns are retained for investors and gave a not-for-profit Board full control over the profit arm.
Currently, its financial future is tied to advances such as reaching artificial intelligence (AGI), the point at which technology has similar levels of intelligence to humans. Clauses that correspond to the AGI written outside of the new structure, financial periods earlier than before.
The company's complex corporate governance came down in November 2023, when its non-profit Altman Board, only to be reinstated shortly after.
People close to the talks are hopeful that the transaction could be completed this year, but added that the talks are subject to change and could continue for several months.
The complexity of pricing such as profit technology and dynamic technology is another issue.
That decision falls to the Openai Board, which includes Altman, Altforciority Bret Tat Taylor and US 2 of the US Treasury. They invest their main capital in “people, not investors who reap”, according to the first policy.
“There is a visible conflict in the Board when negotiating (the price of the benefit). Yes, the Board wants to pay as little money as possible,” said the employee of Panai. “I'm not sure an arm's-length program can cause this conflict.”
Kathleen Jennings, attorney general in Deseyare where Openai is incorporated, asked for more information about the agreement.
Jennings said his responsibility is to make sure the changes are cost-effective and in the public interest. However, Openai has yet to provide details as it is still being worked out internally with stakeholders.
“There is no understanding of this,” said a person with knowledge of the discussions. “A research company that was worth 157bn.”
Additional reporting by Tabby Ender and Stephen Morris in San Francisco