OpenAI’s new for-profit plan leaves many unanswered questions

OpenAI has abandoned its controversial restructuring plan. In a dramatic reversal, the company said Monday it would no longer try to separate control of its for-profit arm from the non-profit board that currently oversees operations. "We made the decision for the nonprofit to retain control of OpenAI after hearing from civic leaders and engaging in constructive dialogue with the offices of the Attorney General of Delaware and the Attorney General of California," said Bret Taylor, the chairman of OpenAI. OpenAI had originally argued its existing structure would not allow its nonprofit to "easily do more than control the for-profit." It also said it needed more money, a mere two months after securing $6.6 billion in new investment. "We once again need to raise more capital than we'd imagined," the company wrote in December. "Investors want to back us but, at this scale of capital, need conventional equity and less structural bespokeness." OpenAI's previous plan called for the nonprofit ... Read full article.