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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 government Sam Altman now not owns or controls the fund, in line with a submitting with the US Securities and Change Fee (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 basic associate (GP) construction was a short lived association, and “this variation supplies additional readability.”
The OpenAI Startup Fund is investing $175 million raised from OpenAI companions akin to Microsoft, though OpenAI itself is just not an investor.
Management of the fund has been moved over to Ian Hathaway, a associate on the fund since 2021, in line with the submitting. Altman will now not be a basic associate on the fund.
OpenAI stated Hathaway has overseen the fund’s accelerator program and led investments in such firms as Harvey, Cursor and Atmosphere 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 Power, in addition to fundraising actions within the Center East.
OpenAI stated an unbiased investigation following Altman’s dramatic ouster of the corporate final November concluded he did no wrongdoing by way of product security or OpenAI’s funds.
