OpenAI Restructures VC Fund Governance, Detaches Altman's Control
OpenAI Restructures VC Fund Governance, Detaches Altman's Control
In a significant move reported by the US Securities and Exchange Commission (SEC), OpenAI has revamped the governance of its venture capital fund supporting AI startups. The restructuring, detailed in a filing dated March 29, eliminates the direct ownership and control previously held by high-profile CEO Sam Altman. Altman's ownership of the OpenAI Startup Fund had raised eyebrows due to its unconventional structure. Despite being positioned akin to a corporate venture arm, the fund was initially raised by Altman from external limited partners, with him solely making investment decisions. Although Altman claimed no financial stake in the fund, questions lingered about his influence. Axios was the first to report on the ownership transition, revealing that control of the fund has shifted to Ian Hathaway, a longstanding partner since 2021. Altman will no longer serve as a general partner, marking a notable change in leadership. The OpenAI Startup Fund, fueled by a $175 million investme…
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