OpenAI plans to grant non-profit board privileges in response to Musk's "hostile takeover"
2025-02-18 05:14:55
Resist Musk initiative launch acquisition valuation $157 billion startupdesk3cryptocurrencydesktopCrypto News
OpenAI, a start-up valued at $157 billion, is considering giving its non-profit board special voting rights to defend the power of its directors in an effort to fend off Mr. Musk's unsolicited takeover bid. Sam Altman, chief executive, and other board members are weighing a series of new governance mechanisms that would give the non-profit board outsized voting power, ensure it retains control of the restructured company and the ability to veto decisions by other investors, including existing investors such as Microsoft and SoftBank, according to people familiar with the discussions. While no final decision has been made, the special voting rights would also ensure OpenAI can fend off hostile outside takeovers like Mr. Musk's. Special voting rights could in the future put power in the hands of the nonprofit sector, responding to the Tesla CEO's criticism. (Jin Ten)
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