Because "Open" AI keeps the newly invested funds only to themselves (with some scraps for employees), so early joiners don't (directly[1]) get any of the newly

Because "Open" AI keeps the newly invested funds only to themselves (with some scraps for employees), so early joiners don't (directly[1]) get any of the newly invested funds from later ones, you mean? Yeah, true, not exactly a Ponzi scheme: This has even fewer redeeming qualities. [1]: Only indirectly, by selling off their investment to that next sucker.