Good morning from the Financial Times. Today is Wednesday, October 29th, and this is your FT News Briefing.

OpenAI is pivoting to a new structure, and Tesla's chair is rallying support for Elon Musk's trillion-dollar pay package.

Plus, South Korea's stock market is on a role this year.

We'll hear why investors have changed their tune.

I'm Sonia Hudson, and here's the news you need to start your day.

Open AI has finally completed its contentious restructuring.

The chat GPT maker was founded as a nonprofit and now includes a commercial arm.

The restructuring highlighted the internal push and pull between OpenAI's idealistic roots and its need for cash. So now that that saga is over, where does it leave the

startup? Here to help us answer that question is the FTs Melissa Hekela. Hi, Melissa. Hi. So give me the details here. What are the highlights

of this restructuring deal? So what this deal does, it creates a for-profit entity called the

Open AI group, which Open AI has argued is essential for it to continue raising these massive

amounts of money it needs to build and train its models,

right? It allows investors to also hold equity in the company. And controlling that for-profit

entity is a non-profit called the Open AI Foundation. All right, so the for-profit entity is

raising money. What will the nonprofit arm do?

So the nonprofit will focus on things like funding research on health care and curing diseases

and technical solutions for AI resilience, which is making AI models more robust.

But the nonprofit will also be charged in holding the for-profit entity accountable for Open AI's

mission, which is to ensure artificial general intelligence, meaning systems that surpass most

human intelligence, benefits humanity.

And the main tool it has to do this is by hiring and firing board directors.

Sam Alden, the chief executive of OpenAI, will sit on both boards initially.

...