Elon Musk recently tried the unwanted download of Openii that was rejected I am Altman’s Executive Director and Non -Profit Committee of Openi.
Now the creator of Chatgpta allegedly wants to be sure that any future state strikes from the richest man in the world – or any other investor – will not be successful.
According to the Financial Times reportThe changes that were discussed would be given to Opena’s non-profit directors for special voting rights, allowing them to retain power over the Openi, even when the organization of artificial intelligence restructures into a profit company known as the Public Compensation Corporation.
Concentrating such power in the non -profit hand of an Openii, Ai Uppstart could kill a man’s argument that he moved away from his original charity mission. This could also allow the Committee members to potentially reset the other support of a profit company, such as Microsoft (Msft) or softbank.
Sam Altman, co-founder and executive director of OPENAI. Reuters/Axel Schmidt/File Photo ·Reuters / Reuters
All this will do a little maneuvering members of the OPENAI and Altman committee, who are all accused in a male litigation who seeks to block Open and turn into a profit work.
“There are strategic decisions that can be made to protect non -profit organizations from a hostile takeover or a coup,” an expert in the non -profit law Ellis Carter wrote in it A charity lawyer Blog. But making a non -profit organization “truly relentless,” Carter explained, he must be carefully done.
Because non -profit corporations have no supplies and have no formal property, she added: “The management design is crucial.”
For now, the OPENAI Committee is authorized to refuse the acquisition because, as a non-profit organization, there are no shareholders and members of the voting. But the University of California, Professor of Law in Los Angeles Rose Chan Loui Openai seems to be focused on determining a hostile takeover that could come after the conversion of the Branch for Profit into the Corporation for Public Compensation.
Chan Loui suspects that the Openi members of their Committee will give a special class of voting stocks in a restructured profit company with the rights of superior other shares owners. At the very least, she said, their voices could undo any moves of taking private investors, including the largest Openi investor, Microsoft.
On top of that, she said, it is not clear how specific voting rights could be. For example, they could be limited to rejecting the takeover attempt or wide as well as comprehensive rights that currently hold a non -profit committee.
“We need more details,” Chan Loui said.
Openai did not respond to clarification request.
Executive Director of Microsoft Satya Nadella, Right and Executive Director of Openi Sam Altman, Levo, 2023 at the Opendai Devday conference. (Justin Sullivan/Getty Images) ·Justin Sullivan via Getty Images
Currently, investors like Microsoft are not capital owners in the Openi, but instead have limited interests in profit in the Nonprofit Openii organization branch. Once the openii is profitable, Microsoft is entitled to 75% profit until he compensates for the main investment in the amount of $ 13 billion. The other 25% profit goes to employees and early investors, to certain profit limits.
Once Microsoft’s CEO returns, he is entitled to 50% of profits until he reaches a profit limit of $ 92 billion.
Open said He wants to turn his non -profit parent into Delaware Public Benefit Corporation (PBC) that would issue ordinary shares of shares.
Theoretically, PBC could offer shares in capital to new investors and potentially convert existing investors into limited profits into capital interests.
Chan Loui said that special voting rights could be designed to act as poison tablets This would allow the Committee and existing shareholders – except for any activist investor – to buy additional shares with a significant discount.
Openai is not completely inoculated from external offers, despite the power of the committee. Legal, the Committee is in charge of performing its mission “To ensure that artificial general intelligence … uses all of humanity.” And on his website, he says this could mean putting resources behind a similarly oriented project.
“If a project that is in line with the value is approaching the construction of AGI before we do, we are obliged to stop competing and starting to help this project,” Charter of Charter Organization state.
Elon Musk after a meeting with Indian Prime Minister Narendra Modi in Washington, DC, February 13th. Reuters/Nathan Howard/File Photo ·Reuters / Reuters
According to the Delaware Law, where the openii is registered, the non -profit committee has an obligation to seriously review the bids for acquisition and explain the reasons for their rejection.
Charity organizations are usually not goals for enemy downloads, especially not the guy who had Musk in mind – an unwanted $ 97.4 billion offer for Openii’s estimated $ 157 billion intellectual ownership and other property.
Instead, non -profit organizations are more often confronted with internal struggles for power, like offensive On the Sierra Club environment, he began in 2003 by advocates against immigration.
But non -profit organizations can, in fact, protect against members of members by awarding special voting rights to the members of the Committee as long as the rights are obeyed by the laws of the state where the charity organization is, a non -profit lawyer Frank Devit wrote In a blog post.
Musk and Altman originally faced the Openai 2015 as a non -profit organization, but Musk separated from AI because of disagreements regarding how to move forward with the venture and eventually began a competitive AI company called Xai.
A man’s lawsuit that wants to prevent OPENAI to convert to a profit company around the initial donation of a masculine in the amount of $ 45 million to finance startups, which he claims to be conditioned by Openi remained a non-profit organization.
Openii said he had to turn into a profit structure to attract new capital.
With $ 97 billion, Musk’s download offer fell significantly below the current estimate for Openi’s property. Japanese conglomerate SoftBank plans a new $ 40 billion investment, which Openii would set anywhere from $260 billion to $300 billionaccording to various media reports.
Altman published his rejection publicly in the post on the X, the social media platform that was previously known as Twitter, which Musk bought for $ 44 billion in 2022.
Altman wrote, “No thank you, but we’ll buy Twitter for $ 9.74 billion if you want.”
Elon Musk and Sam Altman 2015 (Michael Kovac/Getty Images for Vanity Fair) ·Michael Kovac via Getty Images
Openai also said in a special court document that Musk was contrary to his claims in his current lawsuit that Openi’s assets should not be used for profitable gain.
“Men’s alleged supply bid cannot be reconciled with a claim of charity [he] progresses in this court, “it was stated.
OPENAI -DO COMMITTEE Officially rejected Musk’s offer on February 14th. “Openai is not for sale, and the committee unanimously rejected Mr. Musk’s last attempt to disrupt his competition,” said Bret Taylor, president of Openi, in a statement on behalf of the Committee on behalf of the Committee.
