NEW YORK, Sept 13 — OpenAI’s new financing round is expected to come in the form of convertible notes, according to sources with direct knowledge of the matter, who said its...
‘Islam under threat’ in Malaysia? DPM Zahid’s religious adviser says to compare unity govt’s firm responses and PAS’ rhetoric to know truth
The details of the conditions of the US$6.5 billion funding, which have not been previously reported, show how far OpenAI, the most valuable AI startup in the world, has come from a research-based non-profit, and the structural changes it’s willing to make to attract ever more investment to fund its expensive pursuit of artificial general intelligence , or AI that surpasses human intelligence.
If the restructuring is unsuccessful, OpenAI would need to renegotiate its valuation with investors at which their shares will be converted, likely at a lower number, sources told Reuters, who requested anonymity to discuss private matters.The removal of the profit cap would require approval from OpenAI’s non-profit board, consisting of Chief Executive Sam Altman, entrepreneur Bret Taylor and seven other members.
It could also raise questions about OpenAI’s governance and departure from its non-profit mission. OpenAI has said the cap was put in place to “incentivise them to research, develop, and deploy AGI in a way that balances commerciality with safety and sustainability, rather than focusing on pure profit-maximisation.”
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