OpenAI has changed the governance structure of its venture capital fund that backs AI startups, so its high-profile chief executive Sam Altman no longer owns or controls the fund, according to a filing with the US Securities and Exchange Commission (SEC).
The change, documented in the March 29 filing, came after Altman's ownership of the OpenAI Startup Fund raised eyebrows for its unusual structure - while being marketed as similar to a corporate venture arm, Altman raised the fund from outside limited partners and he made investment decisions. OpenAI has said Altman does not have a financial interest in the fund despite the ownership.
Axios first reported on the ownership change on Monday. In a statement, a spokesperson for OpenAI said the fund's initial general partner (GP) structure was a temporary arrangement, and "this change provides further clarity."
The OpenAI Startup Fund is investing $175 million raised from OpenAI partners such as Microsoft, although OpenAI itself is not an investor.
Control of the fund has been moved over to Ian Hathaway, a partner at the fund since 2021, according to the filing. Altman will no longer be a general partner at the fund.
OpenAI said Hathaway has overseen the fund's accelerator program and led investments in such companies as Harvey, Cursor and Ambience Healthcare.
Altman, a former president at startup accelerator Y Combinator, has previously drawn scrutiny on his sprawling investment interest outside OpenAI, from crypto startup Worldcoin to fusion company Helion Energy, as well as fundraising activities in the Middle East.
OpenAI said an independent investigation following Altman's dramatic ouster of the company last November concluded he did no wrongdoing in terms of product safety or OpenAI's finances.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
Featured Video Of The Day
Imran Khan's Party To Be Banned By Pak For Alleged Anti-State Activities
"Shut Up And Follow...": How Airbnb CEO Helped Sam Altman Grow Open AI OpenAI Employees Say Company Is Neglecting Safety and Security Protocols: Report OpenAI Whistleblowers Seek Probe Into "Restrictive Non-Disclosures": Report What Trump Rally Shooter Did On Last Day Of His Life Engineer Stole NEET Question Paper From Exam Body's Trunk, Arrested By CBI Trainee IAS Officer Puja Khedkar Recalled To Academy, Training Put On Hold In Haryana, Amit Shah's Anti-Congress Warning On Muslim Reservation Swiggy, Zomato Might Soon Deliver Alcohol In These States: Report Jharkhand CDPO Preliminary Results 2024 Out, Check Details Track Latest News Live on NDTV.com and get news updates from India and around the world.