TLDR:
- OpenAI changed the governance structure of its venture capital fund backing AI startups, removing Sam Altman’s ownership.
- The fund is now managed by Ian Hathaway, who oversees investments and accelerator programs.
The governance structure of OpenAI’s venture capital fund, which supports AI startups, has been altered to remove Sam Altman’s ownership. The change, documented in a filing with the US Securities and Exchange Commission on March 29, came after Altman’s ownership of the OpenAI Startup Fund raised concerns due to its unusual structure. While the fund was marketed as a corporate venture arm, Altman raised it from external limited partners and made investment decisions. Despite this, OpenAI stated that Altman does not have a financial interest in the fund. Ian Hathaway now leads the fund as its general partner, and has been overseeing investments and accelerator programs since 2021. Altman, the CEO of OpenAI, no longer controls the fund. Altman has faced scrutiny in the past for his numerous external investments, including in companies like Worldcoin and Helion Energy, as well as his fundraising activities in the Middle East. An independent investigation following Altman’s removal from OpenAI in November found no wrongdoing related to product safety or the organization’s finances.
