OpenAI has given up on being a

Non profit After years of chasing Money.

 

 

 

The company that created ChatGPT, OpenAI, was first established in 2015 as a nonprofit. However, four years later, the corporation said that it was now a “capped-profit” business.

After multiple investment rounds costing billions of dollars, the Financial Times is now claiming that the corporation is attempting to permanently remove its nonprofit status.

According to reports, the company is in discussions to raise further capital, which would increase its worth to beyond $100 billion and possibly rank it among the most expensive Silicon Valley companies ever.

In a letter to the Financial Times, OpenAI subsequently refuted the reporting, saying that “the nonprofit is core to our mission and will continue to exist.”

“We remain focused on building AI that benefits everyone and as we’ve previously shared we’re working with our board to ensure that we’re best positioned to succeed in our mission,” the statement adds.

 

NOT A CAP

 

Elon Musk, the multibillionaire and founder of OpenAI, abruptly left the company in 2019 and has long accused it of ignoring its charitable beginnings.

Musk even launched a lawsuit against OpenAI last month, claiming that the company had abandoned its goal to “benefit humanity” by agreeing to a $10 billion contract with Microsoft, the largest tech company. Musk had previously filed a nearly identical case, which was strangely dropped in June.

 

“Either turning a nonprofit into a for-profit is legal and everyone should be doing it or it’s illegal and OpenAI is a house of cards,” Musk tweeted last week.

Strangely, emails made public by OpenAI during the initial legal proceedings of Musk indicated that he was the driving force behind OpenAI’s transition to a for-profit company, implying that he was merely bitter at having given up on a hugely lucrative artificial intelligence project far too soon.

It says that OpenAI hasn’t decided yet, according to the Financial Times’ most current story. Its nonprofit past would be severely damaged if the present investor profit caps were removed.

This should not come as a major surprise, given how quickly the Sam Altman-led corporation has transformed into one of the most hyper-capitalist undertakings in recent memory.

In addition, the enterprise continues to seek outlandish sums of money despite its present “capped profit” structure, and the public benefit remains elusive.