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OpenAI has stated Altman doesn’t have monetary curiosity within the fund regardless of the possession.
The change, documented within the March 29 submitting, got here after Altman’s possession of the OpenAI Startup Fund raised eyebrows for its uncommon construction–whereas being marketed much like a company enterprise arm, the fund was raised by Altman from exterior restricted companions and he made funding selections
OpenAI has modified the governance construction of its enterprise capital fund that backs AI startups, so its excessive profile chief govt Sam Altman not owns or controls the fund, in response to a submitting with the US Securities and Exchange Commission (SEC).
The change, documented within the March 29 submitting, got here after Altman’s possession of the OpenAI Startup Fund raised eyebrows for its uncommon construction–whereas being marketed much like a company enterprise arm, the fund was raised by Altman from exterior restricted companions and he made funding selections. OpenAI has stated Altman doesn’t have monetary curiosity within the fund regardless of the possession.
Axios first reported on the possession change on Monday. In a press release, a spokesperson for OpenAI stated the fund’s preliminary normal companion (GP) construction was a short lived association, and “this change provides further clarity.”
The OpenAI Startup Fund is investing $175 million raised from OpenAI companions reminiscent of Microsoft, though OpenAI itself just isn’t an investor.
Control of the fund has been moved over to Ian Hathaway, a companion on the fund since 2021, in response to the submitting. Altman will not be a normal companion on the fund.
OpenAI stated Hathaway has overseen the fund’s accelerator program and led investments in such corporations as Harvey, Cursor and Ambience Healthcare.
Altman, a former president at startup accelerator Y Combinator, has beforehand drawn scrutiny on his sprawling funding curiosity exterior OpenAI, from crypto startup Worldcoin to fusion firm Helion Energy, in addition to fundraising actions within the Middle East.
OpenAI stated an unbiased investigation following Altman’s dramatic ouster of the corporate final November concluded he did no wrongdoing in phrases of product security or OpenAI’s funds.
