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Conflicts of interest alleged
Sam Altman is expected to receive an equity stake in a restructured OpenAI entity, potentially worth billions, given the company’s $300 billion, the New York Post reported. It’s like winning the lottery, but the lottery is a chocolate factory. 🍫
The complaint also identified multiple board members with financial conflicts, such as chairman Bret Taylor, who co-founded Sierra AI, which resells OpenAI’s models; Adam D’Angelo’s company, Quora, which is an OpenAI customer; and Adebayo Ogunlesi’s firm, Global Infrastructure Partners, which owns data centers that profit from AI infrastructure demand. It’s like a board of directors where everyone has a side gig selling chocolate. 🍫
OpenAI was founded as a nonprofit to ensure advanced general intelligence benefits humanity, not shareholders, the Midas Project stated, before concluding:
“As they race toward powerful AI systems, any weakening of these protections could put the public interest at risk. The IRS must investigate to preserve OpenAI’s duty to humanity.”
CryptoMoon contacted OpenAI for comment but did not receive an immediate response. It’s like trying to get a response from a chocolate factory during a chocolate shortage. 🍫
Profit or nonprofit?
OpenAI was founded in 2015 as a nonprofit organization by Elon Musk, Sam Altman and others. It’s like a group of friends deciding to start a soup kitchen, but then realizing they could make a fortune selling chocolate. 🍫
Last November, the AI firm entered preliminary talks with US regulators to transform into a for-profit structure. It’s like deciding to turn the soup kitchen into a chocolate factory. 🍫
However, OpenAI reportedly abandoned these plans and reaffirmed its commitment to its nonprofit status in May, noting that no final decisions had been made regarding the restructuring. It’s like deciding to stick with the soup kitchen, but keeping the chocolate factory plans on the back burner. 🍫
The Elon Musk connection
In 2017, Musk originally advocated for OpenAI to become for-profit, but sued the firm in March and again in August 2024, alleging that the AI company violated their original contract as a nonprofit venture and abandoned their original mission while pursuing profit. It’s like suing your friends for turning the soup kitchen into a chocolate factory. 🍫
A Musk-led group of investors submitted a $97.4 billion bid to OpenAI’s board of directors to buy the firm in February, but this was rejected by Altman. It’s like offering to buy the soup kitchen for a mountain of chocolate, but being turned down. 🍫
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2025-07-11 09:14