OpenAI board considers special voting powers to prevent Elon Musk takeover

Estimated reading time: 1 minutes

• About The Author

OpenAI is considering granting new voting rights to its nonprofit board in a move that could help it fight an unsolicited takeover bid from Elon Musk, the Financial Times reported last night. Citing people familiar with the discussions, the FT wrote that CEO “Sam Altman and other board members are weighing a range of new governance mechanisms after OpenAI converts into a more conventional for-profit company.”

“Giving the nonprofit’s board outsized voting power would ensure it retain[s] control of the restructured company and [is] able to over-rule other investors including existing backers such as Microsoft and SoftBank,” the FT wrote. “While no firm decisions have been made, special voting rights would also ensure OpenAI can fight off hostile bids from outsiders such as Musk.”

We contacted OpenAI about the report and will update this article if it provides any comment.

Read full article

Comments

About The Author

artificialrace.com

See author's posts