TLDR:
- OpenAI has removed Sam Altman’s ownership of its Startup Fund.
- The fund is investing $175 million raised from OpenAI partners such as Microsoft.
Article Summary:
OpenAI has made changes to the governance structure of its venture capital fund that supports AI startups, resulting in Sam Altman no longer owning or controlling the fund. This decision follows scrutiny of Altman’s ownership, which raised eyebrows due to its unusual structure. Altman, the high-profile CEO of OpenAI, was the initial general partner of the fund, but control has now been transferred to Ian Hathaway, a partner at the fund since 2021. Altman, known for his involvement in various investment interests outside OpenAI, was previously investigated for no wrongdoing in terms of product safety or OpenAI’s finances. The fund, with $175 million in investments from partners like Microsoft, is now being overseen by Hathaway, who has led investments in companies like Harvey, Cursor, and Ambience Healthcare.
