Or is it, ‘OpenAI the for-profit is doing good in the world, and they can do much more good if they can raise more money, and there’s certainly no way they could raise more money without us giving up control’?
Basically, yes, that is what the argument will be. The conditionality of the current investment round is also an example of that: “we can only raise more capital on the condition that we turn ourselves into a normal (B-corp) company, unencumbered by our weird hybrid structure (designed when we thought we would need OOMs less capital than it turns out we do), and free of the exorbitant Board control provisions currently governing PPUs etc. And if we can’t raise capital, we will go bust soon and will become worthless and definitely lose the AGI race, and the Board achieves none of its fiduciary goals at all. Better a quarter of a live OA than 100% of a dead one.”
Possibly too cynical, but I find myself wondering whether the conditionality was in fact engineered by OAI in order to achieve this purpose. My impression is that there are a lot of VCs shouting ‘Take my money!’ in the general direction of OpenAI and/or Altman who wouldn’t have demanded the restructuring.
No, that’s what I think too: they were turning down investors, even, excluding them from the upround. The conditionality was probably not necessary at all. But it does serve a valuable purpose for the inevitable lawsuit.
Basically, yes, that is what the argument will be. The conditionality of the current investment round is also an example of that: “we can only raise more capital on the condition that we turn ourselves into a normal (B-corp) company, unencumbered by our weird hybrid structure (designed when we thought we would need OOMs less capital than it turns out we do), and free of the exorbitant Board control provisions currently governing PPUs etc. And if we can’t raise capital, we will go bust soon and will become worthless and definitely lose the AGI race, and the Board achieves none of its fiduciary goals at all. Better a quarter of a live OA than 100% of a dead one.”
Possibly too cynical, but I find myself wondering whether the conditionality was in fact engineered by OAI in order to achieve this purpose. My impression is that there are a lot of VCs shouting ‘Take my money!’ in the general direction of OpenAI and/or Altman who wouldn’t have demanded the restructuring.
No, that’s what I think too: they were turning down investors, even, excluding them from the upround. The conditionality was probably not necessary at all. But it does serve a valuable purpose for the inevitable lawsuit.