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> Altman, unusually, didn’t have equity in OpenAI > Altman was part of the original group of tech leaders that invested $1 billion to launch OpenAI in 2015 Er
by ianhawes 3y ago
> Altman, unusually, didn’t have equity in OpenAI
> Altman was part of the original group of tech leaders that invested $1 billion to launch OpenAI in 2015
Err, does he have equity or does he not?
- jedberg 3y agoNot. He put up money for the non-profit that was basically a donation.
- next_xibalba 3y agoIt was founded as a non-profit. So that $1B was not in exchange for equity. They changed to a capped profit model in 2019. As part of this, Open AI Global LLC was created. This for profit (capped at 100x initial investment) is controlled by the original OpenAI LLC. Employees were granted something like profit participation/equity in Open AI Global LLC, and new investments went into this entity under similar terms. Altman has repeatedly claimed no equity, so, taking him at his word, he did not participate in whatever the profit participation/equity arrangement that was made for employees and new investors.