{"id":56355,"date":"2024-04-14T15:06:12","date_gmt":"2024-04-14T15:06:12","guid":{"rendered":"https:\/\/www.africa-press.net\/gambia\/uncategorized\/sam-altman-no-longer-owns-openais-us175-million-fund"},"modified":"2024-04-14T15:55:06","modified_gmt":"2024-04-14T15:55:06","slug":"sam-altman-no-longer-owns-openais-us175-million-fund","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/gambia\/all-news\/sam-altman-no-longer-owns-openais-us175-million-fund","title":{"rendered":"Sam Altman No Longer Owns OpenAI\u2019s US$175 Million Fund"},"content":{"rendered":"

Africa-Press – Gambia. <\/strong><\/span>OpenAI has removed its Chief Executive Officer, Sam Altman as the owner of its venture capital fund that backs AI startups<\/b>.<\/p>\n

This came as the company changed the Fund\u2019s governance structure in a recent filing with the US Securities and Exchange Commission (SEC). The OpenAI Startup Fund is investing $175 million raised from OpenAI partners such as Microsoft<\/p>\n

The change, documented in the March 29 filing, came after Altman\u2019s ownership of the OpenAI Startup Fund raised eyebrows for its unusual structure, while being marketed like a corporate venture arm, the fund was raised by Altman from outside limited partners and he made investment decisions.<\/p>\n

OpenAI has said Altman does not have a financial interest in the fund despite the ownership.OpenAI says Sam Altman no longer owns its $175 million startup fund<\/p>\n

In a statement, a spokesperson for OpenAI said the fund\u2019s initial general partner (GP) structure was a temporary arrangement, and \u201cthis change provides further clarity.\u201d<\/p>\n

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.<\/p>\n

OpenAI said Hathaway has overseen the fund\u2019s accelerator program and led investments in such companies as Harvey, Cursor, and Ambience Healthcare.<\/p>\n

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.<\/p>\n

OpenAI said an independent investigation following Altman\u2019s dramatic ouster of the company last November concluded he did no wrongdoing in terms of product safety or OpenAI\u2019s finances.<\/p>\n

Background<\/b><\/p>\n

OpenAI Startup Fund was launched in late 2021 to invest in other AI startups and projects.<\/p>\n

By last May it reported $175 million in total commitments and a portfolio that included video editor Descript and legal tool Harvey.<\/p>\n

It always had outside limited partners, including major OpenAI partner Microsoft, which is unusual for corporate VC funds but not unique.<\/p>\n

What set OpenAI Startup Fund apart, however, was that it wasn\u2019t owned by OpenAI. Nor even by its affiliated nonprofit foundation. Instead, it was legally owned by Altman.<\/p>\n

For More News And Analysis About Gambia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Gambia. OpenAI has removed its Chief Executive Officer, Sam Altman as the owner of its venture capital fund that backs AI startups. This came as the company changed the Fund\u2019s governance structure in a recent filing with the US Securities and Exchange Commission (SEC). The OpenAI Startup Fund is investing $175 million raised […]<\/p>\n","protected":false},"author":84,"featured_media":56354,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,9],"tags":[2355,2361,260],"class_list":["post-56355","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-miscellaneous","tag-africa-press","tag-africa-press-gambia","tag-gambia"],"yoast_head":"\nSam Altman No Longer Owns OpenAI\u2019s US$175 Million Fund - Gambia<\/title>\n<meta name=\"description\" content=\"OpenAI has removed its Chief Executive Officer, Sam Altman as the owner of its venture capital fund that backs AI sta ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/gambia\/all-news\/sam-altman-no-longer-owns-openais-us175-million-fund\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sam Altman No Longer Owns OpenAI\u2019s US$175 Million Fund\" \/>\n<meta property=\"og:description\" content=\"OpenAI has removed its Chief Executive Officer, Sam Altman as the owner of its venture capital fund that backs AI sta ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/gambia\/all-news\/sam-altman-no-longer-owns-openais-us175-million-fund\" \/>\n<meta property=\"og:site_name\" content=\"Gambia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-14T15:06:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-14T15:55:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/gambia\/sites\/19\/2024\/04\/sm_1713097289.632091.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1020\" \/>\n\t<meta property=\"og:image:height\" content=\"574\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/sam-altman-no-longer-owns-openais-us175-million-fund#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/sam-altman-no-longer-owns-openais-us175-million-fund\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/gambia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Sam Altman No Longer Owns OpenAI\u2019s US$175 Million Fund\",\"datePublished\":\"2024-04-14T15:06:12+00:00\",\"dateModified\":\"2024-04-14T15:55:06+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/sam-altman-no-longer-owns-openais-us175-million-fund\"},\"wordCount\":387,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/sam-altman-no-longer-owns-openais-us175-million-fund#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/gambia\/sites\/19\/2024\/04\/sm_1713097289.632091.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Gambia\",\"Gambia\"],\"articleSection\":[\"all news\",\"miscellaneous\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/gambia\/all-news\/sam-altman-no-longer-owns-openais-us175-million-fund#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/sam-altman-no-longer-owns-openais-us175-million-fund\",\"url\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/sam-altman-no-longer-owns-openais-us175-million-fund\",\"name\":\"Sam Altman No Longer Owns OpenAI\u2019s US$175 Million Fund - 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