Latest news with #NotForPrivateGain
Time of India
15-05-2025
- Business
- Time of India
Group that opposed OpenAI's restructuring raises concerns about new revamp plan
A group that opposed OpenAI 's restructuring wrote in a letter this week that the startup's new organisational plan still does not go far enough to safeguard the ChatGPT creator from generating dangerous artificial intelligence technology. In the letter dated May 12, submitted to the California and Delaware attorneys-general, members of the 'Not For Private Gain' group argued that while OpenAI's announcement earlier this month to dial back some of its restructuring "might be a step in the right direction," it still does not adequately prevent OpenAI from straying from its original mission to ensure that artificial intelligence is developed for the benefit of humanity. The larger group, comprising former OpenAI employees and AI experts such as Geoffrey Hinton , had written an initial letter in April opposing OpenAI's then plan to restructure to remove control from its nonprofit parent entity. The letter was part of a firestorm of criticism and legal challenges, including a high-profile lawsuit filed by rival and co-founder Elon Musk, that prompted OpenAI to dial back its restructuring plan. OpenAI, in which Microsoft has invested more than $13 billion, now plans to convert its for-profit arm into a public benefit corporation (PBC), with the nonprofit parent controlling the PBC and becoming a "big shareholder" in it, which it says will allow OpenAI to raise more capital to keep pace in the expensive AI race. Live Events A PBC is a structure designed to balance shareholder returns with social goals, unlike nonprofits, which are solely focused on public good. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories But Monday's letter says OpenAI's new plan significantly diminishes the nonprofit's existing authority. First, OpenAI's current for-profit entity is required to advance its mission and charter above any investor interests, while the proposed PBC is not required to do so, it said. Second, OpenAI's nonprofit, as the sole manager, has 100% control over its for-profit entity today, granting it day-to-day operational power such as the ability to fire executives. In the proposed restructuring, the nonprofit would not have comprehensive control over the PBC, which the group said is concerning because the attorneys-general's enforcement powers are derived solely from the nonprofit's authority.
CNA
15-05-2025
- Business
- CNA
Group that opposed OpenAI's restructuring raises concerns about new revamp plan
SAN FRANCISCO :A group that opposed OpenAI's restructuring wrote in a letter this week that the startup's new organizational plan still does not go far enough to safeguard the ChatGPT creator from generating dangerous artificial intelligence technology. In the letter dated May 12, submitted to the California and Delaware attorneys-general, members of the 'Not For Private Gain' group argued that while OpenAI's announcement earlier this month to dial back some of its restructuring "might be a step in the right direction," it still does not adequately prevent OpenAI from straying from its original mission to ensure that artificial intelligence is developed for the benefit of humanity. The larger group, comprising former OpenAI employees and AI experts such as Geoffrey Hinton, had written an initial letter in April opposing OpenAI's then plan to restructure to remove control from its nonprofit parent entity. The letter was part of a firestorm of criticism and legal challenges, including a high-profile lawsuit filed by rival and co-founder Elon Musk, that prompted OpenAI to dial back its restructuring plan. OpenAI, in which Microsoft has invested more than $13 billion, now plans to convert its for-profit arm into a public benefit corporation (PBC), with the nonprofit parent controlling the PBC and becoming a "big shareholder" in it, which it says will allow OpenAI to raise more capital to keep pace in the expensive AI race. A PBC is a structure designed to balance shareholder returns with social goals, unlike nonprofits, which are solely focused on public good. But Monday's letter says OpenAI's new plan significantly diminishes the nonprofit's existing authority. First, OpenAI's current for-profit entity is required to advance its mission and charter above any investor interests, while the proposed PBC is not required to do so, it said. Second, OpenAI's nonprofit, as the sole manager, has 100 per cent control over its for-profit entity today, granting it day-to-day operational power such as the ability to fire executives. In the proposed restructuring, the nonprofit would not have comprehensive control over the PBC, which the group said is concerning because the attorneys-general's enforcement powers are derived solely from the nonprofit's authority.
Yahoo
26-04-2025
- Business
- Yahoo
Geoffrey Hinton, Ex-OpenAI Insiders, And Top AI Experts Sound Alarm On OpenAI's Restructuring: Warn It Could Strip Public Of Oversight, Betray AGI Mission
A coalition of over 30 leading artificial intelligence researchers and ethicists has issued an urgent warning about OpenAI's proposed corporate restructuring, expressing grave concerns that the changes could undermine public oversight and the company's original mission. What Happened: The group published an open letter on the 'Not For Private Gain' website urging California and Delaware Attorney Generals to intervene in OpenAI's plan to buy itself out from under its nonprofit's control. Don't Miss: 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. The letter argues that this restructuring would eliminate crucial governance safeguards designed to prioritize public benefit over commercial interests. 'Removing nonprofit control over how AGI [Artificial general intelligence] is developed and governed would violate the special fiduciary duty owed to the nonprofit's beneficiaries and pose a palpable and identifiable threat to OpenAI's charitable purpose,' the signatories stated. The expert coalition includes AI pioneer Geoffrey Hinton, notable former OpenAI researchers Steven Adler, Jacob Hilton, Daniel Kokotajlo, Gretchen Krueger, Girish Sastry, Scott Aaronson, Ryan Lowe, Nisan Stiennon, and Anish Tondwalkar. Harvard law professor Lawrence Lessig, UC Berkeley computer science professor Stuart Russell, and Hugging Face ethics scientist Margaret Mitchell also joined the effort. "Our board has been very clear: our nonprofit will be strengthened, and any changes to our existing structure would be in service of ensuring the broader public can benefit from AI," an OpenAI spokesperson told CNBC. Why It Matters: This intervention comes at a critical juncture as OpenAI must complete its restructuring by year-end to secure the full $40 billion funding round led by SoftBank Group Corp. The company plans to transform into a Delaware Public Benefit Corporation, allowing it to attract conventional equity investments while its nonprofit arm focuses on charitable initiatives. The AI experts' objections parallel ongoing litigation from OpenAI co-founder Elon Musk, whose xAI Corp now competes with OpenAI after raising $6 billion in funding. Microsoft Corp. (NASDAQ:MSFT), which has invested nearly $14 billion in OpenAI, could also be significantly impacted by any regulatory action affecting the restructuring. The dispute highlights growing tensions between OpenAI's original mission to ensure artificial general intelligence 'benefits all of humanity' and its commercial ambitions, raising fundamental questions about who should control and govern powerful AI technologies with potentially transformative global Next: BlackRock is calling 2025 the year of alternative assets. One firm from NYC has quietly built a group of 60,000+ investors who have all joined in on an alt asset class previously exclusive to billionaires like Bezos and Gates. Inspired by Uber and Airbnb – Deloitte's fastest-growing software company is transforming 7 billion smartphones into income-generating assets – with $1,000 you can invest at just $0.26/share! Image Via Shutterstock Send To MSN: Send to MSN Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? This article Geoffrey Hinton, Ex-OpenAI Insiders, And Top AI Experts Sound Alarm On OpenAI's Restructuring: Warn It Could Strip Public Of Oversight, Betray AGI Mission originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
Time of India
25-04-2025
- Business
- Time of India
Tesla CEO Elon Musk calls this as 'Scam of the century'
Podcaster Rob Wiblin recently shared a post highlighting a legal letter titled 'Not For Private Gain', signed by 3 Nobel Prize winners and dozens of AI researchers, accusing of illegally restructuring from a non-profit to a for-profit entity. Tired of too many ads? go ad free now Sent to California and Delaware Attorneys General, the letter allegedly demands halting the restructuring of the company. X owner and SpaceX CEO replied to the post, calling it 'scam of the century'. The post also has screenshots of the letter with the following text highlighted in colour: All of the governance safeguards that Mr. Altman claimed 'ensure (OpenAI) remains focused on its long-term mission would be in jeopardy'. It also has a table comparing the current governance safeguards of OpenAI (under its nonprofit structure) with the proposed changes under the for-profit restructuring. OpenAI on the for-profit status Founded in 2015 as a non-profit organization, OpenAI is reportedly looking to turn the status to for-profit. The company, as per reports plans to restructure as a public benefit corporation, a shift that has raised concerns among AI experts, legal scholars and former OpenAI employees. They argue that the move could compromise OpenAI's original mission to develop artificial general intelligence (AGI) for the benefit of all humanity. Elon Musk criticism of OpenAI's for-profit status Elon Musk, one of the co-founders of OpenAI has been a vocal critic of this transition. He has filed a lawsuit against OpenAI that will go to a jury trial in spring 2026. The lawsuit, initially dismissed, accuses OpenAI CEO and President Greg Brockman of deviating from its founding agreement by emphasizing profits over AI safety .
