zlacker

>>medler+(OP)
The board seems truly incompetent here and looking at the member list it doesn't seem very surprising. A competent board should have asked for legal and professional advice before taking a drastic step like this. Instead the board thought it was a boxing match and tried to deliver a knockout punch before the market closes with blunt language. This might be the most incompetent board for an organisation of this size.

>>crop_r+w3
The major investors whose money is on the line and who are funding the venture, Microsoft, Sequoia, and Khosla, were not given advanced warning or any input in to how this would impact their investment.

I would definitely say the board screwed up.

https://www.forbes.com/sites/alexkonrad/2023/11/17/openai-in...

>>silenc+kz
The board of the non-profit (one that fired Sam) has no fiduciary duty to those investors, I believe. Microsoft invested in the for-profit Openai, which is owned by the non-profit. The other ones I don't know.

The board has no responsibility to Microsoft whatsoever regarding this. Sam Altman structured it this way himself. Not to say that the board didn't screw up.

>>MVisse+jK
how can a non-profit own a for-profit?

honest question

>>alickz+qN1
I'd say easily, especially outside the US. Check out Germany for example: - Bertelsmann Foundation, owns or is the majority shareholder of Bertelsmann - Robert Bosch Foundation, owns or is the majority shareholder of Bosch - Alfred Krupp von Bohlen and Halbach Foundation, owns or is the majority shareholder of Krupp - Else Kröner Fresenius Foundation, owns or is the majority shareholder of Fresenius - Zeppelin Foundation (yes, those Zeppelins...) owns or is the majority shareholder of ZF Friedrichshafen - Carl Zeiss Foundation, owns or is the majority shareholder of Carl Zeiss and Schott - Diehl Foundation, owns or is the majority shareholder of Diehl Aerospace

And a bunch more. A lot of you will never have heard of them, but all of them are multi billion dollar behemoths with thousands of subsidiaries, employees, significant research and investment arms. And they love the fact that barely anyone knows them outside Germany.