Microsoft and OpenAI reach a non-binding agreement allowing OpenAI to restructure
Jinse Finance reported that Microsoft (MSFT.O) and OpenAI announced on Thursday that they have signed a non-binding agreement on new terms of their relationship, which will allow OpenAI to advance its restructuring plan to become a for-profit company. The two companies did not provide further details about the new business arrangement but stated that they are working to finalize the terms of the definitive agreement. According to a memo from OpenAI's current nonprofit board chairman, Bret Taylor, OpenAI stated that its existing nonprofit parent company will control the company by holding shares in a public benefit corporation valued at $100 billions and will have decision-making authority over the company's decisions.
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