ChatGPT maker OpenAI announced on Oct. 28 that it completed a corporate restructuring deal with Microsoft, freeing up both companies to independently pursue the development of artificial general intelligence (AGI).
OpenAI has formed a for-profit public benefit corporation named OpenAI Group PBC that will be controlled by the nonprofit OpenAI Foundation, Bret Taylor, chair of OpenAI’s board of directors, said in a blog post. OpenAI Foundation holds a $130 billion equity stake in the for-profit venture.
Microsoft’s stake in OpenAI Group PBC lessened from 32.5 percent on an as-converted basis to 27 percent on an as-converted diluted basis, inclusive of all owners. Microsoft’s stake in the newly formed company is still valued at $135 billion….