OpenAI, Microsoft Reach Deal to Allow For-Profit Restructuring | Firstpost Tech & Trade | N18G
Microsoft OpenAI recently signed a non-binding deal for new relationship terms that would allow OpenAI to proceed to restructure itself into a for-profit company, marking a new phase of the most high-profile partnerships to fund the ChatGPT frenzy. Details on the new commercial arrangements were not disclosed, but the companies said they were working to finalize terms of a definitive agreement. This marks a step forward in OpenAI's prolonged talks with Microsoft as the former seeks to raise capital under a more common governance structure and eventually go public to fund artificial intelligence development. However, this is not the first time OpenAI has tried to shift to a for-profit business model. Back in 2019, CEO Sam Altman drew out similar plans, however he had to bow down to public pressure. At that time, Elon Musk also slammed OpenAI and later offered a $100 billion dollar bid to buy the company, which Altman soon rejected. In May, Altman announced that the company won’t be moving forward with the restructuring.---
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