Comment on OpenAI to remove non-profit control and give Sam Altman equity

Voroxpete@sh.itjust.works ⁨1⁩ ⁨month⁩ ago

• Womble@lemmy.world ⁨1⁩ ⁨month⁩ ago

  They might not even make a profit, but Altman will be able to extract a lot of wealth by using 7% of a billions of dollars valuation. Even if he doesn’t sell any he can use it as collateral against loans to effectively turn them into cash.

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  • Voroxpete@sh.itjust.works ⁨1⁩ ⁨month⁩ ago

    Oh, absolutely. Altman is going to plunder this sinking ship for everything it’s worth, and then bail into a CTO position somewhere else. All the C suite at OpenAI will win big no matter what, everyone else there will get fucked.

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  • AdamBomb@lemmy.sdf.org ⁨1⁩ ⁨month⁩ ago

    But wouldn’t he have to repay such loans?

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    • EncryptKeeper@lemmy.world ⁨1⁩ ⁨month⁩ ago

      Yes, with the money he’d earn off the money he borrowed. This is why taxing unrealized gains is a national conversation. “It’s not money until you sell it” but you can borrow it like it’s money and make actual other money with it likes it’s money.

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      • AdamBomb@lemmy.sdf.org ⁨1⁩ ⁨month⁩ ago

        This is an informative answer, thank you

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    • Alphane_Moon@lemmy.world ⁨1⁩ ⁨month⁩ ago

      It’s not like he will be spending the cash exclusively on blow, model escorts and yachts.

      Part will go into real investments. And he is well positioned to time an AI pump and dump.

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    • amzd@lemmy.world ⁨1⁩ ⁨month⁩ ago

      Only if the collateral he put up goes down in value too much

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