Submission + - The Largest Theft In Human History?
"OpenAI is now set to become a Public Benefit Corporation, with its investors entitled to uncapped profit shares. Its nonprofit foundation will retain some measure of control and a 26% financial stake [valued at approximately $130 billion], in sharp contrast to its previous stronger control and much, much larger effective financial stake. The value transfer is in the hundreds of billions, thus potentially the largest theft in human history. [...] I am in no way surprised by OpenAI moving forward on this, but I am deeply disgusted and disappointed they are being allowed (for now) to do so."
"Many media and public sources are calling this a win for the nonprofit. [...] This is mostly them being fooled. They’re anchoring on OpenAI’s previous plan to far more fully sideline the nonprofit. This is indeed a big win for the nonprofit compared to OpenAI’s previous plan. But the previous plan would have been a complete disaster, an all but total expropriation. It’s as if a mugger demanded all your money, you talked them down to giving up half your money, and you called that exchange a ‘change that recapitalized you.’"
Mowshowitz also points to an OpenAI announcement, The Next Chapter of the Microsoft–OpenAI Partnership, which describes how Microsoft will fare from the deal: "Microsoft holds an investment in OpenAI Group PBC valued at approximately $135 billion, representing roughly 27 percent on an as-converted diluted basis, inclusive of all owners—employees, investors, and the OpenAI Foundation."