OpenAI CEO Sam AltmanAndrew Caballero-Reynolds/AFP/Getty ImagesThere's an important stipulation on OpenAI's historic $6.6 billion funding round.The startup has two years to become for-profit, or it might have to give investors their money back.The process is likely to be complicated and could involve a battle in court, legal experts said.OpenAI's historically large $6.6 billion funding round is bringing in checks from some of the biggest technology and venture capital investors.But there's reportedly one condition on the round that could undo it all.If the ChatGPT-maker doesn't complete its transition to a for-profit company within two years, investors in the latest round could ask for their money back, multiple outlets have said.When it was founded in 2015, OpenAI was a nonprofit.
There's A Catch In Openai's $6.6 Billion Funding Deal That No One Is Talking About
nmusumeci@businessinsider.com (Natalie Musumeci,Alex Bitter), Business Insider
Fri, 10/04/2024 - 2:39am
Topics: even if they openai ceo sam altmanandrew caballero-reynolds/afp/getty imagesthere chatgpt-maker jill los angeles school law internal revenue service sec irs elon musk greg brockman june chatgpt november ceo but altman openai openai sam altman horwitz california business insider reid billion funding for-profit company nonprofit transition regulators charitable general board interest assets investors years money purposes mission complicated members focus important experts government technology startup process court biggest legal left added directors interests public attorney entity significant state devoted dedicated
BING NEWS:
- OpenAI secures record-breaking $6.6 billion in funding, now valued at $157 billion
In a landmark deal, OpenAI has raised $6.6 billion in new funding, sending its valuation soaring to an astounding $157 billion. This investment round is one
10/4/2024 - 12:15 am | View Link - OpenAI’s Altman Concentrates Power on Path to $157 Billion Valuation
On Wednesday, OpenAI closed one of the largest fundraising rounds in history, valuing the company at $157 billion, up from $86 billion a little more than six months ago. But as OpenAI races to build a large,
10/3/2024 - 5:34 am | View Link - ChatGPT Maker OpenAI Raises $6.6 Billion in Fresh Funding as It Moves Away From Its Nonprofit Roots
OpenAI says it has raised $6.6 billion in venture capital investments as part of a broader shift by the ChatGPT maker away from its nonprofit roots
10/2/2024 - 9:18 am | View Link - OpenAI Completes Deal That Values Company at $157 Billion
The new fund-raising round, led by the investment firm Thrive Capital, values OpenAI at $157 billion, according to two people with knowledge of the deal. Microsoft, the chipmaker Nvidia, the tech conglomerate SoftBank, the United Arab Emirates investment firm MGX and others are also putting money into OpenAI.
10/2/2024 - 7:00 am | View Link - More
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