OpenAI to stay nonprofit, scrap proposed overhaul

ChatGPT-maker OpenAI has abandoned plans to become a for-profit company and reaffirmed commitment to its nonprofit status.  In a May 5 blog post, OpenAI confirmed plans to convert its for-profit business unit into a so-called Public Benefit Corporation (PBC), which would remain under the nonprofit’s control. PBCs are for-profit companies that are legally obligated to prioritize a social mission alongside the interests of shareholders. The plans mark a reversal for OpenAI, which had previously floated a for-profit conversion involving spinning out the nonprofit entity source: https://cointelegraph.com/news/open-ai-to-stay-nonprofit-scrap-conversion-plans?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound