4 ms·
Who fires the board at a 501.3c?
by chasd00 3y ago
Who fires the board at a 501.3c?
- mirzap 3y agoThey resign under public pressure, I guess?
- Rastonbury 3y agoWhy would they if they are advancing the goals of the non-profit and Altman was endangering that goal?
- jdthedisciple 3y agoHahaha "advancing the goals of non profit" right after making billions. All of a sudden their amnesia stopped huh? Hypocrites and virtue signallers, the whole board.
- Rastonbury 3y agoI mean, the board doesn't have equity and the for-profit subsidiary is profit capped
- jdthedisciple 3y agoThey still stand to benefit personally, do they not?
- cthalupa 3y agoBy what mechanism? 3/4ths the remaining board have no financial interests in OpenAI.
- jdthedisciple 3y agoPersonal/moral: "Championing" non-profit after reaping the fruits of massive commercial success Monetary: Promotions and payouts (now or future)? Equity is not the only way
- cthalupa 3y agoIs it a massive commercial success? They have received significant funding, and likely have high revenue, but is it profitable? Is it in a position to be profitable? We're not in the world of companies getting decades of runway from VCs anymore, between concerns around a recession (justified or not), higher interest rates, etc. There's rapidly becoming more and more competitors in this space, as well. OpenAI has a significant first-mover advantage, but I don't know that it is insurmountable, and I doubt investors are confident that it is either. That means they're even less likely to have infinite runway. So I'm not sure there's personal/moral success at this point in the story for the board to begin with. Monetary - 3/4ths the board is independent. They are not actually employed by OpenAI. There's nothing to promote them to, and nothing in the charter of the non-profit that would give them payouts.
- coffeebeqn 3y agoThey do need billions to train the next generation models though
- andrewstuart 3y agoI absolutely guarantee you when Microsoft owns 50% that they paid $50,000,000,000 for, that Microsoft is really in charge. The board and Ilya will all be gone within a month.
- andrewstuart 3y agoTo all the commenters in this thread, here we are a few days later..... https://www.bloomberg.com/news/articles/2023-11-19/openai-negotiations-to-reinstate-altman-hit-snag-over-board-role https://www.bloomberg.com/news/articles/2023-11-19/openai-ne... OpenAI Negotiations to Reinstate Altman Hit Snag Over Board Role OpenAI’s leaders want board removed, but directors resisting Microsoft’s Nadella leading high-stakes talks on Altman return Sam Altman Photographer: Joel Saget/AFP/Getty Images Have a confidential tip for our reporters? Get in Touch Before it’s here, it’s on the Bloomberg Terminal LEARN MORE By Emily Chang, Edward Ludlow, Rachel Metz, and Dina Bass November 20, 2023 at 7:17 AM GMT+11 Updated on November 20, 2023 at 7:47 AM GMT+11 A group of OpenAI executives and investors racing to get Sam Altman reinstated to his role as chief executive officer have reached an impasse over the makeup and role of the board, according to people familiar with the negotiations. The decision to restore Altman’s role as CEO could come quickly, though talks are fluid and still ongoing. At midday Sunday, Altman and former President Greg Brockman were in the startup’s headquarters, according to people familiar with the matter. OpenAI leaders pushing for the board to resign and to reinstate Altman include Interim CEO Mira Murati, Chief Strategy Officer Jason Kwon and Chief Operating Officer Brad Lightcap, according to a person with knowledge of the discussions. foundering_tout Altman, who was fired Friday, is open to returning but wants to see governance changes — including the removal of existing board members, said the people, who asked not to be identified because the negotiations are private. After facing intense pressure following their decision to fire Altman Friday, the board agreed in principle to step down, but have so far refused to officially do so. The directors have been vetting candidates for new directors. At the center of the high-stakes negotiations between the executives, investors and the board is Microsoft Corp. CEO Satya Nadella. Nadella has been leading the charge on talks between the different factions, some of the people said. Microsoft is OpenAI’s biggest investor, with $13 billion invested in the company.
- concordDance 3y ago
- Iv 3y agoIn that case, Microsoft
- michpoch 3y agoMicrosoft own stake in the for-profit company. They do not have a stake in the non-profit. The for-profit is in majority owned by the non-profit org.