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CEO Sam Altman, who had previously emphasized that he didn’t have any equity in the company, will now get equity worth billions, in addition to ultimate control over OpenAI.
what! You mean he stands to profit billions after lying about his intentions?! A techbro would never!!
comedy goldmine :
They could get up to 100 times what they put in, but beyond that, the money would go to the nonprofit, which would use it to benefit the public. For example, it could fund a universal basic income program to help people adjust to automation-induced joblessness.
“If OpenAI were to retroactively remove profit caps from investments, this would in effect transfer billions in value from a non-profit to for-profit investors,” Jacob Hilton, a former employee of OpenAI who joined before it transitioned from a nonprofit to a capped-profit structure.
I'm sure the investors weren't selling him on the idea that if they got a bigger return he would as well, surely.
I think that over the next few years Sam Altman is going to learn the same lessons that events have been trying to teach Elon Musk since circa 2021.
Elon Musk is doing fine though
Yeah, if anything; Musk is likely an example he’s aspiring to be.
What, founder of cryptoscam Worldcoin is going to cash out of a project sold primarily on hype. Say it ain’t so. /s
Can't sell you out if you never bought in
About time they rebrand as ClosedAI.
shocked pikachu face
Tech obsessives, tech obsessing
Captitalists capitalising.
It's WeWork and Adam Neumann all over again.
You couldn't pay me to invest in this shit and it feels a little insane that seemingly intelligent VC's are doing so.
Gotta get out while the gettin is good. Otherwise, if you lose the copyright lawsuits… RIP
Generative AI has reached its peak after all.
just sold you out
They been sellin us out since the start. And they never even paid for us!
I don't know whether Altman or the board is better from a leadership standpoint, but I don't think that it makes sense to rely on boards to avoid existential dangers for humanity. A board runs one company. If that board takes action that is a good move in terms of an existential risk for humanity but disadvantageous to the company, they'll tend to be outcompeted by and replaced by those who do not. Anyone doing that has to be in a position to span multiple companies. I doubt that market regulators in a single market could do it, even -- that's getting into international treaty territory.
The only way in which a board is going to be able to effectively do that is if one company, theirs, effectively has a monopoly on all AI development that could pose a risk.
I am SHOCKED.