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OpenAI completes conversion to for-profit business after lengthy legal saga

1 day ago
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OpenAI said on Tuesday it had converted its main business into a for-profit corporation, the conclusion of a lengthy and fraught legal saga.A crucial regulator, Kathy Jennings, the Delaware attorney general, said she approved the plan for the startup, which began as a non-profit in 2015, to change to a public benefit corporation, a type of for-profit entity that expresses commitment to bettering society.The company also said it had reorganized its ownership structure and signed a new agreement with its longtime backer Microsoft that gives the software giant a roughly 27% stake in OpenAI’s new for-profit corporation, but changes some of the details of their close partnership.OpenAI was valued at $500bn under the terms of the deal, making Microsoft’s stake worth more than $100bn.The restructuring paves the way for the ChatGPT maker to more easily raise capital and profit off its artificial intelligence technology, even as it remains technically under the control of its own original non-profit entity.

Jennings said in a statement she did not object to the proposal, seemingly bringing to an end more than a year of negotiations and announcements about the future of OpenAI’s governance and the power that for-profit investors and its non-profit board will have over the organization’s technology,The attorneys general of Delaware, where OpenAI is incorporated, and California, where it is headquartered, had both said they’re investigating the proposed changes,OpenAI said it completed its restructuring “after nearly a year of engaging in constructive dialogue” with the offices in both states,“OpenAI has completed its recapitalization, simplifying its corporate structure,” said a blog post on Tuesday from Bret Taylor, the chair of OpenAI’s board of directors,Elon Musk, one of the co-founders of OpenAI and a former ally of Altman, had challenged the conversion with a lawsuit, which he dropped once and refiled before making a surprise bid of nearly $100bn to take control of the startup.

Sign up to TechScapeA weekly dive in to how technology is shaping our livesafter newsletter promotion“The non-profit remains in control of the for-profit, and now has a direct path to major resources before AGI arrives,” Taylor said,AGI stands for artificial general intelligence, which OpenAI defines as “highly autonomous systems that outperform humans at most economically valuable work”,OpenAI was founded as a non-profit in 2015 with a mission to safely build AGI for humanity’s benefit,OpenAI had previously said its own board will decide when AGI is reached, effectively ending its Microsoft partnership,But it now says that “once AGI is declared by OpenAI, that declaration will now be verified by an independent expert panel”, and that Microsoft’s rights to OpenAI’s confidential research methods “will remain until either the expert panel verifies AGI or through 2030, whichever is first”.

Microsoft will also retain some commercial rights to OpenAI products “post-AGI”,Microsoft put out the same announcement about the revised partnership on Tuesday but declined further comment,Going forward, the non-profit will be called the OpenAI Foundation and Taylor said it would grant out $25bn toward health and curing diseases and protecting against the cybersecurity risks of AI,He did not say over what time period those funds would be disbursed,Robert Weissman, co-president of the non-profit Public Citizen, said this arrangement does not guarantee the non-profit independence, likening it to a corporate foundation that will serve the interests of the for-profit.

Even as the non-profit’s board may technically remain in control, Weissman said that control “is illusory because there is no evidence of the non-profit ever imposing its values on the for-profit”.
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South Africa claim historic World Cup final spot as Wolvaardt blows England away

South Africa made history in ­Guwahati on Wednesday, after a ­phenomenal innings from their captain, Laura Wolvaardt, and ­remarkable figures of five for 20 from Marizanne Kapp helped them to a 125-run win against England and into their first 50-over World Cup final.Wolvaardt took 115 balls to bring up a maiden World Cup hundred, which was reason enough to celebrate. But with wickets tumbling at the other end, and England looking like they might have an easy-enough chase on their hands, she unleashed a superb display of boundary-striking, adding 69 runs in 28 balls.Wolvaardt slammed four sixes down the ground and slog-swept Linsey Smith for 20 runs off the 47th over. Even when she holed out to Lauren Bell in the 48th, Chloe Tryon and Nadine de Klerk took over, ­hitting 16 off Smith in the 49th over as ­England’s best death bowler was made to resemble an amateur

about 15 hours ago
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Australia will target Freeman at centre in England clash, George Gregan warns

The former Australia captain George Gregan says they will target Tommy Freeman’s defending at outside-centre for England on Saturday.Steve Borthwick’s side kick off their autumn campaign at Twickenham against opponents who consigned them to a dramatic late defeat last year, and the head coach has made some notable selectorial calls.George Ford starts at No 10 instead of Fin Smith, Ford’s Sale Sharks colleague Tom Roebuck is on the wing and, most interestingly, Freeman will play at No 13.The in-form Northampton back will line up in midfield for England for the second time, switching from a more familiar role out wide. He scored four tries in the Saints’ win against Saracens last Friday wearing the No 14 jersey, and outside-centre requires a different set of skills, particularly without the ball

about 16 hours ago
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Shohei Ohtani had an off night at the World Series but he still breaks baseball logic

The Dodgers star pitched in Game 3 just 18 hours after setting records with the bat. It’s a reminder of how he makes the miraculous seem mundaneEven Shohei Ohtani’s teammates struggle to find the right adjectives to describe him; ones that express how good he is while emphasizing how unlikely his existence is in the first place.After Monday’s Game 3, when Ohtani became the first player in postseason history to reach base nine times in a World Series game, Dodgers first baseman Freddie Freeman opted for “unicorn,” one of the more common Ohtani descriptors. Starting pitcher Blake Snell, meanwhile, put things simple and plain.“He’s going to do spectacular things all the time,” Snell said

about 18 hours ago
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Wallabies resume England rivalry with memories still fresh of Twickenham triumph | Angus Fontaine

Smell that? That delicious whiff, sometimes bitter, but all the sweeter for its bluster? ‘Tis the distinctive funk of Australia-England sporting acrimony back on the breeze. The Kangaroos and England battling over rugby league Tests. The Lionesses and the Matildas resuming their World Cup feud. Stuart Broad and the Barmy Army playing at villainy before the Ashes next month. And the green grass of Twickenham twitching at the Wallabies’ return this weekend

about 18 hours ago
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NFL’s No 1 draft pick Cam Ward victim of identity theft in $250,000 scheme

Two people armed with a number of false identities managed to fraudulently obtain a quarter of a million dollars’ worth of loans in the name of Cam Ward, the quarterback of the National Football League’s Tennessee Titans, according to authorities.Albert Weber, 42, and Cyntrelle Lash, 39, are facing charges of identity theft, bank fraud and forgery after their arrests in a case whose victims allegedly include the first overall pick in the 2025 NFL draft, his father and the business that loaned out the money in question, said Capt Jason Rivarde of the sheriff’s office in Jefferson parish, Louisiana, outside New Orleans.While attempts to contact Lash for comment were unsuccessful, Weber vehemently denied wrongdoing, suggesting the actions attributed to him were carried out by someone else who falsely assumed his identity.The case in any event highlights how increasingly common fraud involving professional athletes has become amid rises in their endorsement and salary income, as highlighted by a 2021 report from global accounting and consulting firm EY.As Rivarde put it, beginning in March, Weber and Lash worked together to secure multiple loans cumulatively worth at least $250,000 in the name of Ward, whose four-year rookie contract with the Titans is reportedly worth about $48

about 20 hours ago
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The Spin | Sophie Devine’s impact on women’s cricket should be measured in more than statistics

The New Zealand legend played with joy and fun, but was also a true fighter who spanned eras in the women’s gameAs the Women’s World Cup has progressed, sanding down the edges and turning up the four semi-finalists you might have predicted from the start, a sideshow has been quietly playing stage left. A down-to-earth sideshow – just like the woman herself – the Sophie Devine farewell.Devine made her New Zealand debut in October 2006, in an ODI and T20 series against Australia. Nineteen years later, still with the same open face and broad smile, she has played her final one-day international – a losing affair against England neither side will polish up for the mantelpiece. The most memorable moment came at the end with the affectionate guard of honour given to Devine by both sides and the Māori tribute led by Melie Kerr and sung by her teary teammates as the stadium emptied

about 20 hours ago
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Hundreds of hospice beds and staff cut in England amid funding crisis

1 day ago
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‘No more children are going to die like you’: how Sheffield mother kept her promise to boys killed by father 11 years ago

1 day ago
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NHS makes morning-after pill available for free across pharmacies in England

1 day ago
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Five more prisoners freed in error after sex offender’s release from Essex jail

1 day ago
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EHRC guidance will help businesses comply with the law on sex and gender | Letter

1 day ago
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Gambling does not cause any ‘social ills’, lobbyist tells incredulous MPs

1 day ago