By coinnews 
00:00 Speaker A
Well, OpenAI will be controlled by the nonprofit that started it. That’s the word for now from the company, OpenAI, which invented the ChatGPT app is walking away from plans to become a for-profit company. OpenAI announced in a blog post Monday that its nonprofit would retain control of the company even as it restructures into a public benefit corporation. That decision, a reversal from its moves to complete a for-profit status, and it does come as a surprise. The public benefit corporation or PBC is trusted to consider the interest of both shareholders and the mission of the work. The AI research and deployment firm was recently valued at $300 billion and is backed by Microsoft. OpenAI’s co-founders include Tesla CEO Elon Musk and originally started as a nonprofit research laboratory on a mission to safely build AI for humanity’s benefit. OpenAI faced a number of challenges in converting its governance structure. One issue, actually, is a lawsuit from Musk, who accuses the company of betraying the founding principles that led Musk to invest in OpenAI.