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It's better compared to the baseline of a for-profit corporation, especially given the stakes -- but it's strictly worse compared to the intended purpose of the
by wging 2y ago
It's better compared to the baseline of a for-profit corporation, especially given the stakes -- but it's strictly worse compared to the intended purpose of the existing structure that was recently hollowed out. The nonprofit entity that was originally supposed to be in control actually won't be.
I'd also question whether there is actually going to be a meaningful check on any of OpenAI's actions, compared to what there would be for a for-profit corporation. I'd bet no.
- mullingitover 2y agoI agree that in this case, PBC is a downgrade in terms of strictness of mission. In general though, PBC is better than standard corporate goals of strictly maximizing shareholder value, employees/customers/the public be damned.
- baking 2y agoThe nonprofit will hold stock in the BPC. I think the effect of this is that the nonprofit board, which is independent of Altman, will be restricted from selling their shares. However the nonprofit will eventually convert from a public charity to a private foundation and will be required to give away a percentage of their assets every year. I'm not sure how that will work with a BPC.