OpenAI eyes restructure, Murati exits
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 26 September 2024
⏱️ 7 minutes
🧾️ Download transcript
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Transcript
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| 0:00.0 | Welcome to See King Alpha's Wall Street breakfast, where we cover the top news for investors every morning. |
| 0:08.0 | Good morning. Today is Thursday, September 26th. I'm Julie Morgan. Open AI is making changes, Disney is |
| 0:16.7 | cracking down, and Blackstone is investing in England. Open AI is working on a plan to restructure itself and convert into a for-profit corporation. |
| 0:28.4 | The company is currently set up in a structure that has both non-profit and for-profit subsidiaries. |
| 0:34.7 | Reuters reported citing sources familiar with the matter that the non-profit subsidiary, |
| 0:40.1 | which currently |
| 0:43.7 | controls the company will continue to exist and take a minority stake in the company. |
| 0:46.2 | Additionally, Chief Executive Officer Sam Altman |
| 0:49.3 | will receive equity for the first time in the for-profit company. |
| 0:53.3 | Open AI was founded in 2015 by a number of individuals including Altman and Elon Musk |
| 0:59.9 | as a nonprofit AI research organization. |
| 1:03.1 | In 2019, the company added Open AI Global LLC |
| 1:07.4 | as a for-profit subsidiary. |
| 1:09.6 | Musk is currently suing the company |
| 1:11.7 | for putting profit over humanity. |
| 1:13.9 | Microsoft announced a multi-billion dollar investment into open AI in early 2023. |
| 1:19.7 | The investment is believed to give Microsoft a 49% stake in the company. |
| 1:25.2 | Separately on Wednesday, Open AI's chief executive Mira Marotti announced she is leaving the company |
| 1:31.5 | because she wants the time and space to do her own exploration. |
| 1:36.1 | Open AI is in the process of raising additional funding from several investors, |
| 1:40.9 | including NVIDIA, Microsoft, Apple, and others which could value the company at $150 billion. |
| 1:49.0 | Walt Disney is putting its foot down. |
... |
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