OpenAI scraps plans to convert to for-profit structure
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Investing.com -- OpenAI scrapped plans to change the entity that controls the company to a for-profit structure, following pressure from Elon Musk.
Previously, the company detailed plans to change its business structure after the entity that controls OpenAI known as OpenAI Nonprofit briefly ousted CEO Sam Altman before reinstating him.
Elon Musk, who was co-founder of OpenAI, had tried to block the conversion in court.
Under the previously proposed plan, the company would have had to convert its business to a public-benefit structure.
"We made the decision for the nonprofit to retain control of OpenAI after hearing from civic leaders and engaging in constructive dialogue with the offices of the Attorney General of Delaware and the Attorney General of California," the company said in a statement on Monday.
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