A maximum of 10,000% profit is “nonprofit”? Any country that allows for something like this is a joke.
Comment on OpenAI abandons plan to become a for-profit company
Zwuzelmaus@feddit.org 1 week ago
investors in OpenAI’s commercial entity were capped at making 100 times their money
They should never be allowed to call this a “non-profit”
What a dirty lie in the first place!
Saleh@feddit.org 1 week ago
A_norny_mousse@feddit.org 1 week ago
Oh, thanks for pointing that out… my head was just going “Fuck Sam Altman … Fuck Sam Altman … Fuck Sam Altman … Fuck Sam Altman … Fuck Sam Altman …” —
booly@sh.itjust.works 1 week ago
OpenAI’s commercial entity
They should never be allowed to call this a “non-profit”
They never did. The nonprofit parent owned shares in a for-profit subsidiary, which was structured in a way that investors in the for-profit subsidiary could never control the company (the nonprofit would own a controlling share) and had their gains capped at 100x.
dustyData@lemmy.world 1 week ago
That’s still a common structure used by billionaires to justify reaping millions of dollars in revenue and still claim, “but I own non-profit”. Also, to say the nonprofit controls the profit part would require the governance and the management hierarchies to be separate to avoid conflict of interests. But this has never been the case. Now they’re becoming a public benefit company, it will be even less the case. This will effectively keep the good will façade while allowing them to left the profit caps. It’s all PR bullshit.
Ajen@sh.itjust.works 1 week ago
No, those were the terms when the company was “for profit.” Now that they’re “nonprofit” the investors can make unlimited profit.