Microsoft, OpenAI reach non-binding deal to allow OpenAI to restructure
MICROSOFT and OpenAI said on Thursday they have signed a non-binding deal for new terms of their relationship that would allow OpenAI to move forward with its plan to restructure itself into a for-profit company.
The two firms did not offer further details on the new commercial arrangements but said they were working to finalise the terms of a definitive agreement.
OpenAI said its existing nonprofit entity would control a public benefit corporation through a US$100 billion stake in that corporation and holding authority over its decisions, according to a memo from Bret Taylor, the chairman of OpenAI’s current nonprofit board. REUTERS
Originally published by businesstimes.com.sg. Syndicated material does not necessarily reflect the views of Grazia British.
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