CEO Sam Altman, who had previously emphasized that he didn’t have any equity in the company, will now get equity worth billions, in addition to ultimate control over OpenAI.
what! You mean he stands to profit billions after lying about his intentions?! A techbro would never!!
comedy goldmine :
They could get up to 100 times what they put in, but beyond that, the money would go to the nonprofit, which would use it to benefit the public. For example, it could fund a universal basic income program to help people adjust to automation-induced joblessness.
“If OpenAI were to retroactively remove profit caps from investments, this would in effect transfer billions in value from a non-profit to for-profit investors,” Jacob Hilton, a former employee of OpenAI who joined before it transitioned from a nonprofit to a capped-profit structure.
I'm sure the investors weren't selling him on the idea that if they got a bigger return he would as well, surely.
I think that over the next few years Sam Altman is going to learn the same lessons that events have been trying to teach Elon Musk since circa 2021.
Elon Musk is doing fine though
Yeah, if anything; Musk is likely an example he’s aspiring to be.
Can't sell you out if you never bought in
What, founder of cryptoscam Worldcoin is going to cash out of a project sold primarily on hype. Say it ain’t so. /s
About time they rebrand as ClosedAI.
It's WeWork and Adam Neumann all over again.
You couldn't pay me to invest in this shit and it feels a little insane that seemingly intelligent VC's are doing so.
Don't give them your data folks!
You don't know what you inputs will be used for in the future but nobody also was thinking that Facebook posts from 2000 would be a large piece of a training data for these llms lol
Definitely.
Also, don't invest in companies that hand total control to one person. That's a recipe for having that one idiot blow all of your money, like Adam Neumann did. (Fun fact: Toward the end of WeWork's heyday, Neumann was burning $3k in cash a minute.)
Gotta get out while the gettin is good. Otherwise, if you lose the copyright lawsuits… RIP
Generative AI has reached its peak after all.
shocked pikachu face
Tech obsessives, tech obsessing
Captitalists capitalising.
just sold you out
They been sellin us out since the start. And they never even paid for us!
I am SHOCKED.
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